The U.S.
Commerce Department announced on Tuesday
that the U.S. goods and services trade deficit widened by 14.0 per cent to $140.5 billion in March compared
to a revised shortfall of $123.2 billion
(from $122.7 billion) registered in February. This was the largest trade gap ever seen.
Economists had anticipated
a gap of $137.0 billion in March.
According to
the report, the March surge in the goods and services deficit reflected a rise in
the goods deficit of $16.5 billion to $163.5 billion and a decline in the
services surplus of $0.8 billion to $23.0 billion.
Overall,
exports of goods and services from the U.S. advanced by 0.2 per cent m-o-m to $278.5
billion in March, the highest level on record, while imports soared by 4.4 per cent m-o-m to $419.10 billion, also the highest
ever recorded.
Year-to-date, the goods and services
deficit climbed by 92.6 per cent from the same period in 2024. Exports rose by 5.2
per cent, while imports jumped by 23.3 per cent.