US Trade Deficit Hits Record High In March

US Trade Deficit Hits Record High In March

After the 2018-2019 rebound in the US Trade Balance to a three year low (as Trump ‘adjusted’ US-China’s relationship), the trade deficit has surged from the start of the pandemic to the latest data in March, at $74.4 billion – the largest trade deficit in US history (from $71.1 billion a month earlier), in line with expectations.

Source: Bloomberg

The March goods deficit ($90.6 billion) was the highest on record, and the March non-petroleum deficit ($88.8 billion) was the highest on record.

Overall, imports rose 6.3% to a record $274.5 billion, while exports climbed 6.6% to $200 billion.

Source: Bloomberg

Exports

  • March exports of goods ($142.4 billion) were the highest since May 2018 ($142.7 billion).
  • March exports of industrial supplies and materials ($51.5 billion) were the highest on record.
  • March non-petroleum exports ($128.9 billion) were the highest on record.

Imports

  • March imports of goods ($233.0 billion) were the highest on record.
  • March imports of consumer goods ($65.1 billion) were the highest on record.
  • March imports of foods, feeds, and beverages ($14.0 billion) were the highest on record.
  • March imports of capital goods ($63.0 billion) were the highest on record.
  • March non-petroleum imports ($217.7 billion) were the highest on record.

The deficit with China increased $6.7 billion to $36.9 billion in March. Exports increased $0.9 billion to $11.3 billion and imports increased $7.6 billion to $48.2 billion.

Tyler Durden
Tue, 05/04/2021 – 08:37

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Author: Tyler Durden

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