The advance estimate of the US goods trade deficit for March is $162.0 billion, an increase of 9.6% MoM and a huge miss from expectations that the deficit would fall to $146.0 billion.

• While exports increased 1.2% MoM and 6.8% YoY, there was a 5.0% MoM and 30.8% YoY increase in imports led by consumer goods imports up 27.5% MoM and 55.5% YoY.
• Wholesale inventories increased 0.5% MoM in March, building on the 0.5% MoM increase in February.
• Retail inventories were down -0.1% MoM as motor vehicle inventories fell -1.1% MoM and non-motor vehicle retail inventories grew 0.4% MoM.