The US trade deficit unexpectedly narrowed in March as exports rose faster than imports and global demand for capital goods increased.
The US$31.6 billion excess in imports over exports of goods and services followed a US$31.8 billion gap in February, the Commerce Department said. The increase in shipments abroad, along with a reduction in steel imports that may be tariff related, limited the impact of a surge in oil prices.
US companies imported more equipment and machinery, including semiconductors, generators and aircraft engines, a sign of increased investment that may drive economic growth. US companies exported more computers and other business equipment, a sign other economies were gaining strength. The increased volume in two-way trade is helping companies such as Ricoh Co in Japan and Dell Computer Corp in the US.
"There may be some indication that the investment collapse, especially in technology, is largely over with," said Joel Naroff, president of Naroff Economic Advisors in Holland, Pennsylvania.
Imports rose 0.3 percent to US$110.8 billion, the third straight increase. Exports rose 0.6 percent to US$79.2 billion after rising to US$78.7 billion in February.
Oil prices rose the most in more than a decade, and the volume of imported petroleum increased. The US imported 267.3 million barrels in March, more than 243.5 million a month earlier as the price per barrel rose to US$19.18 from US$16.56.
That was the largest increase since October 1990, after Iraq invaded Kuwait.
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