Specifically, U.S. imports of goods and services reached a record $274.5 billion in March, up 6.3%, while exports reached a one-year high of $200 billion, up 6.6%. With the ravages of the new crown virus stranding U.S. consumers at home, strong demand led to a significant increase in imports.
Among the breakdowns, specific data on exports include
▪ Exports of goods ($142.4 billion) in March were at their highest level since May 2018.
▪ Exports of industrial supplies and raw materials ($51.5 billion) in March were the highest on record.
▪ non-oil exports ($128.9 billion) were at a record high in March
▪ Crude oil exports, including condensate, slipped to 2.61 million barrels per day in March, compared to 2.65 million barrels per day in February.
Specific data on imports include.
▪ Imports of goods ($233 billion) in March were the highest on record.
▪ March imports of consumer goods ($65.1 billion) were at a record high.
▪ March food, feed and beverage imports ($14 billion) were at a record high.
▪ March capital goods imports ($63 billion) were at an all-time high.
▪ Non-oil imports ($217.7 billion) hit an all-time high in March.
The U.S. trade deficit with China increased by $6.7 billion to $36.9 billion in March, with exports increasing by $0.9 billion to $11.3 billion and imports increasing by $7.6 billion to $48.2 billion.
The monthly U.S. trade deficit has been widening month by month since it reached its lowest level in more than three years in February 2020. The influx of imports into U.S. ports has led to a shortage of containers, which not only raises freight rates but also affects the normal restocking activities of U.S. domestic producers.
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