Trade deficit on the rise following March activity
ABJ - May 24 - According to the U.S. Census Bureau and the U.S. Bureau of Economic Analysis, total exports in March reached $186.8 billion, while imports tallied $238.6 billion, resulting in a goods and services deficit of $51.8 billion, up from $45.4 billion in February.
Comparing March figures to February, exports increased by $5.3 billion to $181.5 billion, while imports climbed $11.7 billion to $226.9 billion. In March, the goods deficit increased $6.5 billion from February to $67.6 billion, and the services surplus increased $100 million from February to $15.8 billion.
Exports of goods increased $4.7 billion to $132.7 billion, and imports of goods increased $11.3 billion to $200.3 billion. Service exports increased (up $500 million) to $54.1 billion. Imports of services increased $400 million to $38.3 billion. The goods and services deficit increased $5.8 billion from March 2011 to March of this year. Exports were up $12.8 billion, or 7.3 per cent, and imports were up $18.5 billion, or 8.4 per cent.
The February to March increase in exports of goods reflected increases in industrial supplies and materials ($2.4 billion), capital goods ($1.2 billion), foods, feeds, and beverages ($500 million), other goods ($400 million), automotive vehicles, parts, and engines ($400 million), and consumer goods ($100 million).