US import and export figures both declined during March 2016, narrowing the country's goods trade deficit during the month.

The latest US government data has shown that exports of American-made products fell to $116.7 billion (€102.83 billion), the lowest monthly total since 2011. Meanwhile, imports dropped to $173.6 billion, the weakest performance since 2010.

Because the fall in imports outpaced the decline in exports, the country's goods trade gap tumbled 10.3 per cent to $56.90 billion, the smallest deficit recorded since February 2015.

The deceleration of international trading for US businesses during the month was a cause for concern, but economists nevertheless responded positively to the shrinking trade deficit, as this could be a positive omen for the broader economy.

Paul Ashworth, chief US economist at Capital Economics in Toronto, said the data "suggests that first-quarter GDP growth will be much stronger than we previously believed", adding that growth is now estimated at 1.4 percent annualised, compared to the previous forecast of 0.8 per cent.