2017 Economic Calendar
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International Trade in Goods  
Released On 4/27/2017 8:30:00 AM For Mar, 2017
PriorPrior RevisedConsensusConsensus RangeActual
Balance$-64.8 B$-63.9 B$-65.3 B$-66.8 B to $-63.0 B$-64.8 B
Exports % change-0.1 %0.4 %-1.7 %
Imports % change-2.1 %-0.7 %

The nation's trade gap in goods came in slightly narrower than expected in March, at $64.8 billion vs Econoday expectations for $65.3 billion. More good news comes from a downward revision to February's gap which is revised nearly $1.0 billion lower to $63.9 billion.

The results should help net exports in tomorrow's first-quarter GDP report though the breakdown doesn't point to strength for cross-border trade. Exports fell 1.7 percent as both consumer goods and vehicles were down sharply. Lower oil prices during March also cut into exports, specifically industrial supplies which also fell sharply. Imports, likewise held down by lower oil prices, fell 0.7 percent but with consumer goods and capital goods, in inescapable signs of weak domestic demand, both down.

Trade has not been a plus for the U.S. economy and the outlook for the rest of the year, given slow improvement in foreign markets and talk of trade wars, is guarded. Advance data on inventories were also released with this report with wholesale inventories down 0.1 percent and retail inventories up 0.4 percent.

Consensus Outlook
Weak exports combined with strong demand for imported consumer goods and vehicles continue to make for deep trade deficits. March's trade gap in goods is seen holding steady at $65.3 billion vs February's $65.0 billion in what would be neutral for first-quarter GDP expectations. Advance March data for wholesale and retail inventories will also be released with this report.

The Census Bureau is now publishing an advance report on U.S. international trade in goods. The Bureau of Economic Analysis will incorporate these data into its estimates of exports and imports for the advance GDP estimates. This is expected to reduce the size of revisions to GDP growth in the second estimates.

Note that data in the advance goods report are accounted for on a census basis and can differ slightly from subsequent data in the international trade report where goods data are accounted for on a balance of payment basis to adjust for changes in ownership that can occur without goods passing into or out of the US.  Why Investors Care

2017 Release Schedule
Released On: 1/262/283/284/275/256/287/278/289/2810/2611/2812/28
Release For: DecJanFebMarAprMayJunJulAugSepOctNov

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