The Trade Deficit increased by $1 billion to $40.4 billion in March, lower than the expected increase to $41 billion, from a revised figure of $39.4 billion for February. March exports increased by $4.6 billion to $147.9 billion, offset by imports, which increased significantly more, by $5.6 billion to $188.3 billion. The Commerce Department provided the February figures of the trade balance of the U.S. relative to selected trading partners, in billions of dollars, with surpluses in Hong Kong ($1.8), Australia ($1.2), and Belgium ($0.7). Deficits were recorded, in billions of dollars, with China ($16.9), OPEC ($9.1), the European Union ($7.1), Mexico ($6.0), Japan ($5.3), Canada ($2.3), Nigeria ($2.2), Venezuela ($2.3), Ireland ($2.4), and Germany ($2.7).
Crude inventories are expected today at 10:30 AM EST. For the week ending April 30, U.S. commercial crude oil inventories had increased by 2.8 million barrels from the previous week to 360.6 million barrels and were above the upper limit of the average range for that time of year. U.S. crude oil refinery inputs averaged 15.1 million barrels per day during this period, 190 thousand barrels per day above the previous week’s average. U.S. crude oil imports were averaging 10.0 million barrels per day, up 270 thousand barrels per day from the previous week.
Today at 2:00 PM EST, the Department of Treasury will release the balance of the Treasury Budget for April, with an anticipated deficit of $40 billion, following the reported $65.39 billion deficit in March.
Upcoming Releases
Crude Inventories (05/12 at 10:30 AM EST)
Treasury Budget (05/12 at 2:00 PM EST)
Initial Claims (05/13 at 8:30 AM EST)
Retail Sales (05/14 at 8:30 AM EST)
