News ID: 302762
Published: 0245 GMT May 04, 2021

US trade deficit rises to a record high in March

US trade deficit rises to a record high in March

The US trade deficit jumped to a record high in March amid roaring domestic demand, which is drawing in imports, and the gap could widen further as the nation's economic activity rebounds faster than its global rivals.

The trade deficit increased 5.6 percent to an all-time high of $74.4 billion in March, the Commerce Department said on Tuesday, Reuters reported.

Economists polled by Reuters had forecast a $74.5 billion trade gap in March.

The US goods and services deficit hit $70.5 billion in February.

Both imports and exports jumped during March, new figures from the US Bureau of Economic Analysis showed.

In total, US exports rose to $200 billion in March, $12.4 billion more than February.

That included a $5.2 billion increase in industrial supplies and materials (including $3.4 billion of nonmonetary gold); a $2.9 billion jump in capital goods such as semiconductors and electric apparatus; and a $2 billion increase in consumer goods, including artwork and gem diamonds.

But imports rose by $16.4 billion to $274.5 billion, including $4.5 billion of consumer goods such as household goods, clothes, furniture, toys and games; $3.7 billion of industrial supplies and materials such as oil; and $3.3 billion of capital goods.




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