The U.S. trade deficit in goods and services rose another 5.5 percent in March, hitting a record high for a second straight month, according to trade statistics from the Department of Commerce. Observers say the deficit could continue to increase throughout the year as U.S. economic growth rebounds from a pandemic-related downturn.
The monthly trade deficit of $74.4 billion reflected a 6.6 increase in exports to $200 billion and a 6.4 percent increase in imports to a record-high $274.5 billion. The year-to-date deficit was up 64.2 percent from March 2020 as exports fell 3.5 percent and imports increased 8.5 percent.
The deficit in goods trade rose 4.1 percent in March to $91.6 billion. Imports of goods jumped 7.0 percent to $234.4 billion, including increases of $1.3 billion in semiconductors, $1.2 billion in textile, apparel, and household goods, and $1 billion in passenger cars, along with decreases of $1.4 billion in civilian aircraft and $1.0 billion in cell phones and other household goods. Exports of goods soared 8.9 percent to $142.9 billion, including increases of $3.4 billion in non-monetary gold, $1.7 billion in natural gas, and $400 million in semiconductors.
The services surplus fell 1.7 percent to $17.1 billion, with imports up 2.8 percent to $40.0 billion and exports up 1.4 percent to $57.1 billion.
|
Country/region
|
Deficit
|
% Change
|
Surplus
|
% Change
|
|
China
|
$36.9 billion
|
+20.8
|
|
|
|
European Union
|
$16.9 billion
|
-11.1
|
|
|
|
Mexico
|
$8.4 billion
|
+23.5
|
|
|
|
Germany
|
$5.5 billion
|
+3.8
|
|
|
|
Japan
|
$5.1 billion
|
+13.3
|
|
|
|
Canada
|
$3.1 billion
|
-22.5
|
|
|
|
Italy
|
$2.9 billion
|
-9.4
|
|
|
|
Taiwan
|
$2.6 billion
|
+8.3
|
|
|
|
India
|
$2.2 billion
|
+29.4
|
|
|
|
South Korea
|
$2.1 billion
|
-8.7
|
|
|
|
France
|
$1.5 billion
|
-44.4
|
|
|
|
Saudi Arabia
|
<$0.1 billion
|
Shift from $0.1 billion surplus
|
|
|
|
South/Central America
|
|
|
$3.6 billion
|
-2.7
|
|
Hong Kong
|
|
|
$2.9 billion
|
+141.7
|
|
Brazil
|
|
|
$1.0 billion
|
-28.6
|
|
Singapore
|
|
|
$0.6 billion
|
0
|
|
United Kingdom
|
|
|
$0.1 billion
|
-50
|
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