March trade deficit narrowed sharply to vs..>

US DATA: March trade deficit narrowed sharply to -$49.0b vs -$49.8b 

exp, though the census goods gap (-$68.3b) was slightly wider than the 

adv est (-$68.0b) used to calculate 1Q GDP. The overall Feb trade gap was 

revised modestly wider, while the Feb census goods gap was revised very 

slightly to a smaller deficit. 

- Exports expanded to a record high $208.5b level on solid gains in 

capital goods (+$1.9b, aircraft +$1.9b), foods and feeds (+$1.0b), 

industrial supplies (+$0.9b), and consumer goods (+$0.1b), partially 

offset by a autos (-$0.6b). 

- Imports declined, with decreases in capital goods (-$1.5b), consumer 

goods (-$0.9b), industrial supplies (-$0.7b) and foods and feeds (-$0.4b). Auto imports (+$0.2b) posted a small gain.

- Ex-petro, the goods gap narrowed to -$62.6b from -$68.5b, while the 

petro gap narrowed sharply to -$5.7b from -$7.3b in Feb.