US trade deficit hits record $74.4 billion in March

The U.S. trade deficit surged to a record $74.4 billion in March as an improving U.S. economy boosted purchases of imported foreign goods

Via AP news wire
Tuesday 04 May 2021 13:56

The U.S. trade deficit surged to a record $74.4 billion in March as an improving U.S. economy drove purchases of imported foreign goods.

The deficit was 5.6% higher than the February gap of $70,5 billion, the Commerce Department reported Tuesday. The trade deficit is the gap between what America buys from abroad and what it sells to other countries..

Imports rose 6.3% to $274.5 billion while exports increased 6.6% to $200 billion. The U.S. imports so much more than it exports that in dollar terms, the rise in imports was greater.

The politically sensitive deficit with China in goods rose 11.6% to $27.7 billion, as usual, the largest deficit with any single country.