News

US trade deficit widens to $50 billion in March

Ship

The U.S. goods and services deficit with its global trading partners widened slightly in March as demand for foreign goods buoyed imports, according to a government report published Thursday.

The trade deficit rose 1.5% from February to a seasonally adjusted $50 billion in March, the Commerce Department said Thursday. Economists surveyed by Refinitiv expected the U.S. trade deficit in March to fall to $50.2 billion from a revised $49.3 billion in February.

Newsletter sign up

Though the trade deficit widened in March, it remains below the recent December high. The trade gap ballooned to $59.9 billion at the end of 2018, which was the largest gap in 10 years.

On a year-to-date basis, the goods and services deficit decreased $5.8 billion, or 3.7%, from the same period in 2018; on a month-over-month basis, imports rose 1.1% to $261.97 billion, the Commerce Department said.

Much of the bump in U.S. imports came from energy and crude purchases, which rose by about $1.4 billion. Meanwhile, a 39% surge in soybean exports in March helped drive American exports up 1%.

The rise in soybean exports may be related to a decision by Chinese officials late last year to increase purchases following a productive meeting between President Donald Trump and Chinese President Xi Jinping in Argentina.

Read More

Are you enjoying the article? Join our community for even more!

 

Click Here

Related posts

China’s Xi, European leaders form trade policy partnership

Camila Coutinho

White House announces $16 Billion in aid to farmers hurt by China trade dispute

Camila Coutinho

Amid trade talks, China urges U.S. to respect its right to develop

Camila Coutinho

Leave a Comment