Keeping you up to date on the latest data releases.
- U.S. Trade
The U.S. trade deficit widened to $48.2 in March, expanding by $2.8 billion from February’s revised $45.4 billion (previously $45.8 billion). Imports jumped $10.4 billion to $220.8 billion and exports expanded as well, posting gains of $7.7 billion to total $172.7 billion. Imports are quickly approaching their 2008 peak of $232.1 billion while exports surpassed their respective 2008 peak of $165.7 billion. March’s 4.9 percent increase in imports marks robust gains after February’s 1.7 percent decline. On a year-over-year basis, imports rose 16.4 percent. Rising oil prices due to tensions in the Middle East were a major factor contributing to the increase in imports. Additionally, rising imports of automotive vehicles (up 11 percent) contributed to the advance as well. Exports jumped by 4.6 percent on a month-over-month basis, up from February’s 1.4 percent decline. Furthermore, exports marked a 14.9 percent advance from a year ago. The robust growth is broad based with all major categories posting gains for March. Exports of services, particularly transportation services, were a notable contributor increasing by 6 percent.