WASHINGTON — The US trade deficit increased in March as imports surged to an all-time high, government data showed Thursday.
The Commerce Department reported the US trade gap widened to $51.8 billion in March, from a revised $45.4 billion the prior month.
The gap was led by a 5.0 percent rise in imports.
“Imports have risen in four of the past five months, an indication of sturdy domestic demand,” said Ryan Sweet at Moody’s Analytics.
Most analysts had forecast the trade deficit would rise in March, but estimated a smaller gap of $50.2 billion.
The trade volatility in the beginning of the year was mainly due to China’s lunar new year celebrations, which dramatically lowered Chinese imports in February.
Excluding China, the number-one exporter to the United States, the trade deficit would have been more stable.
Petroleum imports also were volatile in the first quarter: less than $30 billion in February and more than $36 billion in January and March.
US trade in goods and services in March beat all records, the Commerce Department said.
Imports hit an all-time high of $238.6 billion, and exports were at $186.8 billion. — AFP