Exports of goods increased $4.9 billion to $172.7 billion. They were boosted by industrial supplies, which include crude oil, motor vehicles as well as consumer goods. Food exports fell 4.5%. Goods imports fell $2.5 billion to $257.3 billion, pulled down by decreases in industrial supplies, capital goods and other goods. Imports of consumer goods rose 2.4%. The Commerce Department also reported that wholesale inventories edged up 0.1% in March after a similar gain in February. Retail inventories increased 0.7% after rising 0.3% in the prior month. Excluding motor vehicles, retail inventories rebounded 0.4% after falling 0.1% in February. This component goes into the calculation of gross domestic product. The report was published ahead of the government's advance GDP estimate for the first quarter on Thursday.
Trade has contributed to GDP growth for three straight
quarters. Inventory investment was the biggest driver of GDP
growth in the fourth quarter. According to a Reuters survey of
economists, GDP likely increased at a 2.0% annualized rate last
quarter. The economy grew at a 2.6% pace in the fourth quarter.
(Reporting by Lucia Mutikani; Editing by Andrea Ricci)
