US trade deficit narrows to lowest in a year

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The US posted a narrower-than-expected trade deficit in March to the lowest level in more than year.

An advance reading showed that the US trade deficit narrowed to $56.9bn in March, from $62.9bn the previous month, according to the latest data from the Census Bureau. That pushed the trade deficit to its narrowest since last February.

Imports declined 4.3 per cent in March to $173.6bn from the previous month, while exports slipped 1.1 per cent to $116.7bn.

The smaller than expected deficit could prompt economists to raise their first quarter growth estimates.

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