United States trade deficit widened from $35.9bn to $51.4bn March, as exports rose 0.9% after falls in the previous four months but imports jumped 7.7%.
The imports jump included a 10.8% surge in non-oil imports, as the ports dispute on the West Coast was resolved.
Given the BEA had assumed exports / imports rising by more/less, when calculating the net exports contribution to Q1 GDP growth, this news points to a downward revision when the Q1 data are updated later this month, in other words the economy probably contracted in the first quarter.
