On Tuesday, official data reported that the trade balance deficit (including trade in goods and services) increased in the United States during last March.
And by 5.6 percent on a monthly basis, at the highest level ever, with the continuing repercussions of the Coronavirus.
According to the US Department of Commerce, the trade balance deficit recorded about $ 74.44 billion in March, compared to a deficit of $ 70.52 billion in February.
The rise in the deficit reflects a growth in domestic demand for commodities, a new indication of a faster-than-expected recovery for the world’s largest economy.
On an annual basis, the US trade deficit increased by 57.6 percent last month, compared to $ 47.24 billion in March 2020.
The total trade deficit reached 212.78 billion dollars during the first quarter of this year, according to the data.
The ministry also said that the increase in the overall trade deficit was due to a deficit in merchandise trade of $ 91.5 billion in March, against a surplus of $ 17.1 billion in services trade.
The volume of services exported from the United States reached about 57.14 billion dollars in March, compared to imported services worth 40 billion dollars in the same month.
As for merchandise imports, the report said that their value rose to $ 234.44 billion in March from $ 219.1 billion in the previous month.
The data also indicated that US merchandise exports rose to $ 142.88 billion in March from $ 131 billion in February.