US DATA: March trade bal -$51.8b (slightly worse than expected) vs
-$45.4b(r) in Feb. After revisions the data are almost in line with what
Commerce Dept assumed in Q1 GDP. Imports +$11.7b as lunar new yr ended
and exports +$5.3b in a rebound; goods deficit (-$66.6b) was the worst
since Oct’08. Imports had broad gains (computers +$1.1b, pharma +$1b,
autos +$1.2b, tv-telcom +$1b), with oil-related +$2.2b as prices and
volume gained. Exports advance was about half in +$2.24b aircraft
engines; foods +$0.5b, fuel & chemical reexports +$1.2b, pharma +$0.4b,
and autos +$0.4b also added. NSA trade gap by country: China -$21.7b vs
-$19.4b in Feb, Japan -$7.1b (highest since Apr’08) vs -$7b, OPEC -$9.1b
v -$6.4b. Trade volumes with Mexico, Canada, Europe reached new records.