March trade gap shows unexpected decline to $62.0 billion
May 12, 2006: 8:39 AM EDT


NEW YORK (CNNMoney.com) - The U.S. trade gap shrank unexpectedly in March, according to a government report Friday.

The Commerce Department reported that imports outstripped exports by $62.0 billion, down from the revised $65.6 billion in February. Economists surveyed by Briefing.com had forecast the trade gap would rise to $67.0 billion.

Still, despite the smaller than expected deficit, the gap may be heading higher in future reports. Part of the fall in March was due to lower oil prices compared to February, but oil prices and futures contracts have risen since March. And China, the country with the largest trade imbalance with the United States, Friday reported a larger than expected rise in its overall trade surplus for April.