The US trade deficit jumped to a record high in March, confirming that trade weighed on the economy in the first quarter and could remain a drag for some time to come as companies replenish their inventories with imported goods.
The Commerce Department said on Wednesday that the trade deficit accelerated 22.3% to $109.8 billion in March amid a record increase in imports. Economists polled by Reuters predicted a deficit of $107 billion.
The government said last week that the record trade deficit cut 3.20 percentage points from gross domestic product in the first quarter, resulting in GDP contracting at an annualized rate of 1.4% after growing at a robust pace of 6.9%. % in the fourth quarter
Trade has weighed on GDP for seven straight quarters. Imports of goods and services jumped 10.3% to US$351.5 billion, surpassing the 5.6% increase in exports to US$241.7 billion.
Source: CNN Brasil
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