Steady Rise In Monthly Trade Deficit for Two Years Reaches a New Record In March
- May 4, 2022
- Brian Turner
U.S. trade deficit in March soared to a record high $110 billion after hovering between $40 billion and $50 billion for decades before the Covid-19 pandemic. Steady rise in goods deficit and the fall in services surplus has led to consistent record monthly deficits for two years in a row.
U.S. trade deficit surged to a record high $109.8 billion in March from a revised $89.8 billion in February.
The trade deficit in goods and services are on the rise since the onset of the Covid-19 pandemic on the rising demand driven by the government stimulus and near doubling of energy prices.
U.S. trade deficit in March 2020 was $47 billion and has risen steadily on the growing goods deficit from $68 billion to $128 billion in two years and the falling services surplus from $22 billion to $18 billion.
Total value of goods and services imports in the month soared 10.3% to $351.5 billion and exports rose 5.6% to $241.7 billion.
March merchandise exports increased $12.9 billion from February to $241.7 billion, and merchandise imports gained $32.9 billion to $351.5 billion.
Merchandise trade deficit increased to $128 billion from $107.7 billion in February.
Services exports in March increased slightly to $71 billion and imports edged up a fraction to $52.7 billion resulting in a slight increase in service surplus to $18.3 billion.
Year-to-date total exports increased 17.7% to $983.8 billion, total imports rose 23.8% to $485.6 billion and the trade deficit rose 41.5% to $288.8 billion from the same period a year ago.
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