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- U.S. trade deficit widens slightly more than expected in March
U.S. trade deficit widens slightly more than expected in March
The U.S. Commerce Department reported on Tuesday that U.S. the goods and services trade deficit widened to $44.4 billion in March from a revised $39.8 billion in the previous month (originally a gap of $39.9 billion).
Economists had expected a deficit of $44.0 billion.
According to the report, the March advance in the goods and services deficit reflected an increase in the goods deficit of $4.6 billion to $65.6 billion and a decline in the services surplus of $0.1 billion to $21.2 billion.
Exports of goods and services from the U.S. fell 9.6 percent m-o-m to $187.7 billion in March, while imports dropped 6.2 percent m-o-m to $232.2 billion, in part, due to the impact of COVID-19, as many businesses were operating at limited capacity or ceased operations completely, and the movement of travelers across borders was restricted.
Year-to-date, the goods and services deficit tumbled 17.8 percent from the same period in 2019. Exports decreased 3.5 percent, while imports dropped 6.4 percent.
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