https://sputnikglobe.com/20220504/us-trade-deficit-up-22-in-march-topping-100bln-amid-record-imports-commerce-department-says-1095265858.html
US Trade Deficit Up 22% in March, Topping $100Bln Amid Record Imports, Commerce Department Says
US Trade Deficit Up 22% in March, Topping $100Bln Amid Record Imports, Commerce Department Says
Sputnik International
WASHINGTON (Sputnik) - The US trade deficit jumped 22% in March, topping $100 billion for the first time as imports hit a record high above $350 billion on the... 04.05.2022, Sputnik International
2022-05-04T15:11+0000
2022-05-04T15:11+0000
2022-05-04T15:12+0000
us
trade deficit
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"The goods and services deficit was $109.8 billion in March, up $20.0 billion from $89.8 billion in February, revised," the department said in a statement as it released its monthly data on the US trade balance.The dollar’s rally to two-year highs has helped fuel American imports as continued disruptions to supply-chain logistics from the coronavirus pandemic prompted domestic manufacturers and businesses to rely more on external sources for their supply of raw materials and other goods. The dollar was up almost 3% on the year as of March, and has continued to rise since to show an annual gain of 8%.Economists polled by US media had estimated a trade deficit of $107.1 billion on the average for March."The good news is the import numbers show the demand in the US is continuing to increase," economist Greg Michalowski said in a post on the ForexLive forum. "Also inventories can be assumed to be replenished which could be a positive for inflation. The supply chain has been a major contributor to inflation. Unclogging it would be a welcome development going forward, as long as demand remains the same or decreases."According to the Commerce Department, imports rose by $32.9 billion, or 10%, in March to $351.5 billion. Exports, meanwhile, grew by $12.9 billion, or 5.6%, to $241.7 billion.The net difference between the import and export numbers accounts for the trade deficit.
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US Trade Deficit Up 22% in March, Topping $100Bln Amid Record Imports, Commerce Department Says
15:11 GMT 04.05.2022 (Updated: 15:12 GMT 04.05.2022) WASHINGTON (Sputnik) - The US trade deficit jumped 22% in March, topping $100 billion for the first time as imports hit a record high above $350 billion on the back of a strong dollar that fueled American purchases from abroad, data from the Commerce Department showed Wednesday.
"The goods and services deficit was $109.8 billion in March, up $20.0 billion from $89.8 billion in February, revised," the department said in a statement as it released its monthly data on the US trade balance.
The dollar’s rally to two-year highs has helped fuel American imports as continued disruptions to supply-chain logistics from the coronavirus pandemic prompted domestic manufacturers and businesses to rely more on external sources for their supply of raw materials and other goods. The dollar was up almost 3% on the year as of March, and has continued to rise since to show an annual gain of 8%.
Economists polled by US media had estimated a trade deficit of $107.1 billion on the average for March.
"The good news is the import numbers show the demand in the US is continuing to increase," economist Greg Michalowski said in a post on the ForexLive forum. "Also inventories can be assumed to be replenished which could be a positive for inflation. The supply chain has been a major contributor to inflation. Unclogging it would be a welcome development going forward, as long as demand remains the same or decreases."
According to the Commerce Department, imports rose by $32.9 billion, or 10%, in March to $351.5 billion. Exports, meanwhile, grew by $12.9 billion, or 5.6%, to $241.7 billion.
The net difference between the import and export numbers accounts for the trade deficit.
