By: Fay Johnson
The Nation’s international trade deficit in goods and services increased to $48.2 billion in March from $45.4 billion (revised) in February, as imports increased more than exports. The March services surplus ($13.9 billion) was once again a record. Records also occurred for exports of goods and services ($172.7 billion), exports of goods ($124.9 billion), and exports of services ($47.7 billion).
Record exports in industrial supplies and materials ($41.7 billion) and foods, feeds, and beverages ($11.2 billion) contributed to the record in overall exports of goods. Exports of goods increased $7.2 billion or 6.2%, surpassing the prior record ($119.3 billion, January 2010) by $4.4 billion.
Imports of goods increased by $10.1 billion (5.8%) to $184.7 billion this month, the increase were driven by industrial supplies and materials which increased $7.7 billion (13.3%) to $65.8 billion.
It was a month full of records, below are few more not mentioned above:
- Record imports of foods, feeds, and beverages ($8.7 billion)
- Record exports to Canada ($25.5 billion)
- Record exports to South/Central America ($14.3 billion)