The US trade gap narrowed to a four-month low of $64.2 billion in March of 2023 from $70.6 billion in February, compared to market forecasts of a $63.3 billion gap. Exports went up 2.1% to $256.2 billion, prompted by sales of crude oil, fuel oil, natural gas, passenger cars and travel while sales fell for nonmonetary gold and transport. Meanwhile, imports edged 0.3% lower to $320.4 billion, with purchases falling for semiconductors, electric apparatus, excavating machinery, crude and fuel oil, organic chemicals and sell phones and other household goods and transport.

On the other hand, imports went up for finished metal shapes, pharmaceutical preparations and travel. Considering Q1, the goods and services deficit decreased $77.6 billion, or 27.6% from the same period in 2022. Exports increased $61.4 billion or 8.7% and imports decreased $16.2 billion or 1.6%.