Economic Buzz: US Posts A Record Trade Deficit Of $109.8 Billion

5 May 2022 , 09:40 AM

With the value of imports showing a substantial increase, the Commerce Department released a report on Wednesday showing the U.S. trade deficit widened to a new record in the month of March. The report showed the trade deficit widened to $109.8 billion in March from a revised $89.8 billion in February. The wider trade deficit came as the value of imports soared by 10.3 percent to $351.5 billion in March after climbing by 1.6 percent to $318.6 billion in February. Meanwhile, the report showed the value of exports jumped by 5.6 percent to $241.7 billion in March after rising by 1.9 percent to $228.8 billion in February. The report showed the goods deficit widened to $128.1 billion in March from $107.8 in February, while the services surplus edged up to $18.3 billion from $18.0 billion.

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