The U.S. trade deficit increased by the most in more than a year in March as a record drop in exports offset a shrinking import bill, suggesting the novel coronavirus outbreak was upending the global flow of goods and services.
FILE PHOTO: Sea gulls sit on a lamppost beside shipping containers stacked at the Paul W. Conley Container Terminal in Boston, Massachusetts, U.S., May 9, 2018. REUTERS/Brian Snyder
The Commerce Department said the trade deficit jumped 11.6%, the largest rise since December 2018, to $44.4 billion. Economists polled by Reuters had forecast the trade gap increasing to $44.0 billion in March. Though some parts of the country have started reopening, economists did not see the economy quickly returning to pre-pandemic levels, which they said would take years. Reopening the economy also involves the risk of a second wave of infections and further lockdowns.
Stocks on Wall Street were trading higher as investors ignored the data, focusing instead on recovering oil prices and an easing of travel restrictions in several countries. The dollar rose against a basket of currencies. U.S. Treasury prices were mostly lower.In March, the politically sensitive goods trade deficit with China decreased $4.2 billion to $11.8 billion, a 16-year low. Imports from China fell, while exports to that country rose.
Exports of motor vehicles and parts dropped $2.5 billion to $11.3 billion in March, the weakest since November 2011. Shipments of consumer goods hit a seven-year low in March. Exports of services tumbled $10.8 billion to $59.6 billion, the lowest level since November 2013, hurt by travel restrictions because of COVID-19.
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