The U.S. trade deficit narrowed unexpectedly to $55.0 billion in March in the largest drop in over three years, as exports hit a record and imports from China declined, a government report showed on Wednesday. The 9.2 percent plunge in the deficit defied Wall Street forecasts. Analysts had expected high oil prices and a flood of clothing from China to push the monthly trade gap to around $61.5 billion, which would have been a new record. The smaller-than-expected shortfall gave stock futures a boost in early trading, but weighed on bond prices because it implied stronger first-quarter growth than first thought. Imports of clothing, textiles and related goods from China fell 21.2 percent during March after a 9.8 percent increase in February. But imports of those products in the first three months of the year are 54 percent higher than last year, as the result of a surge in January when quota restrictions on textile imports expired. Total imports from China declined 4.4 percent to $16.2 billion in March. That helped cut overall imports by 2.5 percent to $157.2 billion -- the largest monthly drop since December 2001, the same as the trade gap. Although imports from other major trading partners such as Canada, Mexico and the European Union rose during March, the overall tally declined as China and smaller trading partners shipped fewer consumer goods, autos and auto parts, capital goods and industrial supplies to the United States U.S. exports, led by increased shipments of capital goods and food, feeds and beverages, hit a record $102.2 billion. U.S. exports to Canada and the European Union set new highs.