Ships waiting to unload in Los Angeles – screen grab
Another Biden record!
The US trade deficit surged to over $109 billion in March, the first time ever the trade deficit went over $100 billion.
Trade deficit surged to record in March, $109.8 billion vs. $107.1 billion est. & $89.8 billion in prior month (rev from $89.2 billion) … imports +10.3%; exports +5.6% pic.twitter.com/WEIi0EnBv9
— Liz Ann Sonders (@LizAnnSonders) May 4, 2022
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The U.S. trade deficit surged to a record high in March, confirming that trade weighed on the economy in the first quarter and could remain a drag for a while as businesses replenish inventories with imported goods.
The Commerce Department said Wednesday that the trade deficit accelerated 22.3% to $109.8 billion in March amid a record increase in imports. Economists polled by Reuters had forecast a $107 billion deficit.
The government reported last week that a record trade deficit sliced 3.20 percentage points from gross domestic product in the first quarter, resulting in GDP contracting at a 1.4% annualized rate after growing at a robust 6.9% pace in the fourth quarter.