NEW YORK, NY
The US’ total goods and services trade deficit climbed to a record $74.4 billion in March, according to figures released Tuesday by the Commerce Department.
That is up $3.9 billion from the revised level of $70.5 billion in February, the agency’s Bureau of Economic Analysis said in a statement.
While total exports were $200 billion in March, $12.4 billion more than February; total imports were $274.4 billion last month, which was $16.4 billion more than the previous month.
The trade deficit with China increased $6.7 billion to $36.9 billion in March and rose $1.6 billion to $8.4 billion with Mexico.
For goods only, the deficit set a record in March with $90.6 billion, the Commerce Department said last Wednesday in its monthly advance economic indicators report. That was revised to $91.6 billion, according to the latest figures on Tuesday.
The trade deficit is estimated to remain high for the rest of 2021 as imports are expected to continue until the world’s largest economy fully recovers from the coronavirus.
