US Trade Deficit Expands in March

The United States witnessed a notable rise in its goods and services trade deficit, which escalated by 14% from the previous month to reach $140.5 billion in March, according to a joint report by the Census Bureau and the Bureau of Economic Analysis (BEA) released this Tuesday.

Exports and Imports on the Rise

During the reported month, exports saw a modest increase of 0.2%, or $0.5 billion, climbing to $278.5 billion. Conversely, imports surged by 4.4%, or $17.8 billion, totaling $419 billion.

Annual Growth Highlights

On an annual basis, the deficit in goods and services expanded dramatically by 92.6%, or $189.6 billion. This growth was fueled by a 23.3% increase in imports, amounting to $230.7 billion, alongside a 5.2% rise in exports, which added $41.1 billion to the total.