US Trade Gap Widens On Rising Imports: Govt – By AFP News (IB Times) / May 4 2021
Spending by American consumers and record-high imports as the global economy reopened drove the US trade gap to a new all-time high in March, the Commerce Department reported on Tuesday.
The trade deficit rose 5.6 percent to $74.4 billion, seasonally adjusted, the highest ever recorded and mostly attributable to trade with China, the report said. That beat the previous record set in February.
Imports of goods and services rose $16.4 billion to $274.5 billion in the month, also a historic high.
Exports also rose but lagged behind imports, increasing $12.4 billion to $200 billion, the report said.
Oren Klachkin of Oxford Economic attributed the widening trade gap to “faster US growth relative to the rest of the world.”
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