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March trade deficit drops drastically
Friday, May 09, 2008 | No comments posted.
WASHINGTON (AP) — The U.S. trade deficit narrowed sharply in March as demand for imports fell by the largest amount since the last recession was ending.
The Commerce Department reported today that the deficit totaled $58.2 billion, down 5.6 percent from February, a larger improvement than had been expected.
The smaller deficit reflected spreading weakness in the U.S. economy, which cut demand for imports by 2.9 percent, the largest one-month decline since December 2001, one month after the last recession ended.
The decline, which pushed imports down to $206.7 billion, was led by a 5.9 percent decrease in America’s foreign oil bill. The amount of petroleum fell as the average price for crude oil jumped to an all-time high. Imports of autos and a wide variety of other consumer goods from furniture to toys and clothing also fell, reflecting the hard economic times facing U.S. consumers.
The Commerce Department reported today that the deficit totaled $58.2 billion, down 5.6 percent from February, a larger improvement than had been expected.
The smaller deficit reflected spreading weakness in the U.S. economy, which cut demand for imports by 2.9 percent, the largest one-month decline since December 2001, one month after the last recession ended.
The decline, which pushed imports down to $206.7 billion, was led by a 5.9 percent decrease in America’s foreign oil bill. The amount of petroleum fell as the average price for crude oil jumped to an all-time high. Imports of autos and a wide variety of other consumer goods from furniture to toys and clothing also fell, reflecting the hard economic times facing U.S. consumers.
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