The US trade deficit in goods and services was up 11.6% in March from a month earlier as trade volumes continued on their downward trajectory due to the Covid-19 pandemic.
The deficit amounted to US$44.4bn for the month, up $4.6bn from a revised $39.8bn in February. Exports were $187.7bn, $20bn less than February, while imports were $15.4bn less at $232.2bn, according to trade statistics released by the Department of Commerce.
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For the first time in many years, China did not top the list of trading partners with which the US has a monthly trade deficit.
The largest deficit was recorded with the EU at $16.9bn. China’s deficit dropped to $15.5bn from $19.7bn in February. Exports increased $0.3bn to $7.8bn and imports decreased $3.9bn to $23.3bn.
Other deficits were recorded with Mexico ($9bn), Germany ($6bn), Japan ($4.6bn), Italy ($2.8bn), Canada ($2.6bn), Taiwan ($2bn), South Korea ($1.9bn), India ($1.7bn), France ($0.7bn), and Singapore (less than $0.1bn).
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Surpluses for the month of March were recorded with South and Central America ($5bn), Hong Kong ($1.9bn), OPEC ($1.5bn), Brazil ($1.4bn), Saudi Arabia ($0.3bn), and the UK ($0.1bn).
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By GlobalDataThe effects of factory shutdowns and retail store closures in March due to the outbreak of coronavirus meant US apparel imports during the month saw a double-digit drop – with largest supplier China recording the steepest fall at 53%.
