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US trade gap soothed by falling imports

AFP, Washington
The US trade deficit shrank more than expected in March to 58.2 billion dollars, as imports fell sharply and as the weak dollar continued to underpin exports, a government survey showed Friday
The trade gap narrowed from a revised 61.7 billion dollars in February. Most economists had predicted that the deficit would narrow to 613 billion in March.
The improvement in the US trade picture was largely tied to a hefty decline in imports.
'Imports were down across most major sectors," said Stephen Gallagher, a US economist at Societe Generale.
While economists generally welcomed the 5.7 percent reduction in the US trade deficit. partly as export growth can be expected to boost US economic growth, they said that a decline in imports suggests weakening American consumer demand.
The ailing dollar, which has
tumbled sharply in value against other world currencies and made US made goods much more affordable, also helped shrink the deficit.
February's trade deficit was revised lower to 61.7 billion dollars from an original estimate of 62.3 billion, the Commerce Department reported.
The combination of slumping imports and robust exports helped to narrow the overall trade deficit in March.
Imports declined a significant 2.9 percent during the month to 206.7 billion dollars, as Americans cut back on foreign purchases which have become more costly due to the weak dollar.
Imports dropped as Americans bought fewer foreign-made cars and trucks, consumer goods, industrial supplies and certain foods among other goods, the government survey showed.
The drop in March imports marked the largest slump since December 2001 when the US
economy was enduring a down turn in the wake of the September 11, 2001, terrorist attacks on New York and Washington.
Although the value of US-made exports slipped in March from the prior month by 1.7 percent to 148.5 billion dollars, exports remained at historical highs.
Exports marked their second highest peak in March, following a record high in February of 151.1 billion dollars.
"The weaker dollar against the euro, pound and Canadian dollar is boosting exports," said Peter Morici, a business professor at the University of Maryland.
The politically sensitive US trade deficit with China narrowed a hefty 12.4 percent to 16.1 billion dollars in March as Americans snapped up fewer Chinese imports. The US trade gap with China shrunk to its weakest level since March 2006.