The U.S. foreign trade deficit soared 22.3% in March compared to the previous month, to $109.8 billion dollars, the Bureau of Economic Analysis (BEA) reported on Wednesday.
In the third month of the year, imports grew by 10.3% compared to February and reached 351.5 billion dollars, while exports increased by 5.6% to $241.7 billion dollars.
The large increase in imports suggests that the appetite of U.S. consumers is not waning despite the high inflation in the country, which in March stood at 8.5%, the highest since 1981.
In March, the goods trade deficit with China rose by $7.4 billion dollars to reach a value of $48.6 billion dollars, mainly due to the large increase in imports from that country, with an increase of $7.3 billion dollars.
The negative balance with the European Union stood at 15.6 billion dollars, and with Mexico at $10.6 billion dollars.
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