U.S. Trade Deficit in Goods Plunged to One-Year Low in March

America’s merchandise trade deficit shrank to $56.9 billion in March, the lowest in more than a year, advanced data issued by the Commerce Department showed on Wednesday.

The 10.3 percent improvement from February’s final reading of a $63.4 billion gap reflected a collapse in imports of goods, which reached the lowest level in more than five years. The decline in merchandise entering the U.S. was broad-based, including a slump in consumer goods, less capital equipment and fewer industrial supplies.