Goods-Trade Gap Widens to $71.4 Billion on Import Increase
America’s merchandise trade deficit widened in March for the first time in three months as an increase in imports exceeded the rise in exports.
The goods-trade gap grew to $71.4 billion from $70.9 billion in February, according to Commerce Department figures released May 3, below economist estimates for the deficit to widen to $73 billion.
Goods imports increased by $2 billion to $211.7 billion in March from the previous month, while exports climbed by $1.4 billion to $140.3 billion, according to Commerce.
The report — delayed a week by the government shutdown earlier this year — follows figures last April showing that an overall narrowing trade deficit during the first quarter gave a boost to economic growth, amounting to 1.03 percentage point of the 3.2% expansion pace during the period.
