The U.S. trade deficit in goods widened to a record high in March amid a broad surge in imports, suggesting that trade remained a drag on economic growth in the first quarter.
The report from the Commerce Department on Wednesday also showed solid increases in retail and wholesales inventories. But the pace of inventory accumulation was probably not fast enough to provide a boost to gross domestic product growth.
Consumer goods imports vaulted 13.6%, while motor vehicles increased 12.0%. There were also solid gains in imports of food and capital goods. Trade has subtracted from gross domestic product growth for six straight quarters, the longest such stretch since the beginning of 2016.
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