Wall Street economists expect the U.S. trade deficit to narrow in March, compared to the previous month, as imports slow and exports of goods and services remain strong.
The trade gap is forecast to drop to $60.8 billion from $62.3 billion in February, according to the consensus estimate of Wall Street economists surveyed by Thomson/IFR.
The Commerce Department is scheduled to release its monthly report on international trade in goods and services Friday at 8:30 a.m. EDT.
Oil prices rose 9 percent in March, increasing the country's import bill, but economists expect reduced oil import volumes and lower imports of capital goods, autos and consumer goods to offset the oil price impact.
Slowing auto sales in the United States have also hurt overseas companies such as Toyota Motor Corp., which said Thursday that it expected a 27 percent drop in profit this year, its first drop in annual earnings in seven years.
Overall, the weakening dollar and strengthening global economies have improved the U.S. trade balance, which fell in 2007 for the first time in five years. A weaker dollar makes U.S. goods less expensive internationally, while raising the price of imports.
Last month, exports rose 20.8 percent to $151.4 billion, while imports increased 16.4 percent to $213.7 billion.
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