Trade deficit widens as rising exports offset by jump in imports

The U.S. Commerce Department reported this morning that the trade deficit widened from $45.4 billion in February to $48.2 billion in March, as higher imports offset record exports.

The government said that March exports rose by $7.7 billion to $172.7 billion. Imports increased $10.4 billion to $220.8 billion.


The jump in exports to the highest level ever suggests that growth in the global economy remains on track, with stronger sales of autos, industrial supplies and capital goods lifting overseas’ sales. That seems likely to support manufacturing, at least through the near term.

Much of the deterioration in the trade situation, however, can be traced to oil. Government data revealed that average daily oil imports increased from 8.7 million barrels to 9.5 billion barrels, while the price per barrel jumped over $6 to $93.76.