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 on Tuesday.

Exports and Imports Show Varied Trends

While exports saw a modest increase of 0.2%, or $0.5 billion, totaling $278.5 billion, imports surged by 4.4%, or $17.8 billion, to $419 billion compared to the prior month.

Annual Comparison Highlights Significant Shifts

On an annual basis, the trade deficit ballooned by 92.6%, or $189.6 billion, with imports jumping 23.3% ($230.7 billion) and exports growing by 5.2% ($41.1 billion).