The US trade deficit in goods and services rose by 5.6% in March, reflecting an increase in the goods deficit of US$3.6bn and a decline in the services surplus of $0.3bn.
The deficit amounted to US$74.4bn in March, up $3.9bn from $70.5bn in February, revised, according to trade statistics released by the Department of Commerce. Exports were $200bn – $12.4bn more than February exports – while imports were $274.5bn, $16.4bn less than those in February.
The increase saw the trade deficit reach a record high for a second straight month, international trade law firm Sandler, Travis & Rosenberg (ST&R) said.
Year-to-date, the goods and services deficit increased $83.2bn, or 64.2%, from the same period in 2020. Exports fell $21bn or 3.5%, while imports were up $62.2bn or 8.5%.
The March increase in the goods and services deficit reflected a rise in the goods deficit of $3.6bn to $91.6bn and a decrease in the services surplus of $0.3bn to $17.1bn.
The largest deficit was recorded with China at $36.9bn, followed by the European Union at $16.9bn, and Mexico at $8.4bn. Deficits were also recorded with Germany ($5.5bn), Japan ($5.1bn), Canada ($3.1bn), Italy ($2.9bn), Taiwan ($2.6bn), India ($2.2bn), South Korea ($2.1bn), France ($1.5bn) and Saudi Arabia (less than $0.1bn).
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By GlobalDataSurpluses for the month of March, meanwhile, were recorded with South and Central America ($3.6bn), Hong Kong ($2.9bn), Brazil ($1bn), Singapore ($0.6bn), and United Kingdom ($0.1bn).
