According to the latest report by the Commerce Department’s Census Bureau, the U.S. trade deficit in goods grew more than expected in March as imports increased faster than exports.
The goods trade gap grew 5.3% to $87.9 billion last month, following a total of $83.5 billion in February.
Imports of goods rose $9.6 billion to $299.3 billion, driven by an 11.0% increase in motor vehicles. There were also notable gains in imports of food, consumer and capital goods, as well as industrial supplies.
Goods exports rose $5.2 billion to $211.5 billion in March, driven by increased shipments of food, motor vehicles, capital goods, and industrial supplies, including petroleum. However, exports of consumer goods declined by 7.5%.
Wholesale inventories rose 1.4%, while stocks at retailers increased 0.7%.
Economists anticipate that the Iran conflict will boost goods exports in the coming months.
The advance estimate of first-quarter gross domestic product is due to be released on Thursday.
By CEO NA Editorial Staff
