Credit, Economy and Financial News
U.S. Trade Deficit Rises as Exports Dip
The U.S. trade deficit increased in March for the first time since last July as the global recession dragged down exports. The Commerce Department said the deficit grew 5.5% to $27.6 billion in March from February's revised $26.1 billion, which had been the smallest since November 1999. Through the first three months of 2009, the deficit is running at an annual rate of $359.7 billion, far below last year's $681.1 billion. Economists expect the deficit will remain at low levels this year as the recession in the U.S. curbs demand for foreign goods. However, the global recession has slowed U.S. exports dramatically, which will limit the amount of improvement in narrowing the trade gap. For March, exports of goods and services fell 2.4% to $123.6 billion, the lowest level since August 2006. Sales of farm products dropped $2.4 billion, while exports of capital goods slid $1.7 billion. Imports declined 1% to $151.2 billion, the lowest level since September 2004. The politically sensitive deficit with China grew 10% to $15.6 billion in March, the largest gap since January.
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Date Last Updated: 05/13/2009
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