Trade gap increased 4.4% to US$60.3-billion, compared with forecasts of US$60.9-billion
The U.S. trade deficit widened in March as an artificial intelligence investment boom pulled in imports, more than offsetting an increase in exports, which were partly boosted by petroleum shipments amid the Middle East conflict.
The trade gap increased 4.4 per cent to US$60.3-billion, the Commerce Department’s Bureau of Economic Analysis and Census Bureau said on Tuesday. Economists polled by Reuters forecast the trade deficit rising to US$60.9-billion in March. Trade subtracted 1.3 percentage points from gross domestic product growth in the first quarter. The economy grew at a 2.2-per-cent annualized rate last quarter.
Imports increased 2.3 per cent to US$381.2-billion in March. Goods imports rose 3.6 per cent to US$302.2-billion, boosted by a surge in capital goods to a record high of US$120.7-billion. Exports increased 2 per cent to a an all-time high of US$320.9-billion. Goods exports surged 3.1 per cent to a record high US$213.5-billion amid a rise in the shipments of petroleum.
, which has disrupted oil shipments and raised crude prices, will likely further boost petroleum exports in the months ahead. The U.S. is a net oil exporter.
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