According to data released by the U.S. Department of Commerce, the trade deficit, which stood at $57.8 billion in February, continued its upward trend in March.
The country’s exports increased by 2% in March to $320.9 billion, while imports rose by 2.3% to $381.2 billion, reaching a record level.
Goods exports increased by $6.5 billion to $213.5 billion in March. This increase was mainly driven by a $5 billion rise in industrial supplies and materials. Crude oil exports increased by $2.8 billion, other petroleum products by $1.7 billion, and fuel oil exports by $1.6 billion. Food, feed, and beverage exports rose by $1.1 billion, while soybean exports increased by $0.9 billion. In contrast, consumer goods exports declined by $1.7 billion.
Services exports decreased by $0.3 billion in March to $107.4 billion. Travel revenues declined by $1.1 billion, while transportation increased by $0.2 billion, financial services by $0.1 billion, and other business services by $0.1 billion.
Goods imports increased by $10.6 billion in March to $302.2 billion. The increase was driven by a $3.6 billion rise in imports of motor vehicles, parts, and engines. Passenger car imports rose by $2.8 billion. Imports of consumer goods increased by $2.4 billion, while capital goods imports rose by $2.1 billion. Imports of computer accessories increased by $2 billion, while computer imports decreased by $2.3 billion.
In the first three months of the year, the goods and services deficit decreased by $211.2 billion, or 55%, compared to the same period last year. During this period, exports increased by $100.2 billion, or 12%, while imports declined by $111 billion, or 9.1%.
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