US Trade Deficit Expands in March

The United States witnessed a notable increase in its goods and services trade deficit, which rose by 14% 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 from the previous month, totaling $278.5 billion, imports surged by 4.4% or $17.8 billion, reaching $419 billion in the same period.

Yearly Comparison Highlights Significant Changes

On an annual basis, the trade deficit expanded dramatically by 92.6%, or $189.6 billion. This was driven 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 economy.