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The U.S. deficit in its foreign trade in goods and services rose 5.6% in March to $74.4 billion, a monthly record amid the recovery from the pandemic-induced crisis, the country’s Bureau of Economic Analysis (BEA) reported on Tuesday.
In March, the value of U.S. exports rose 6.6% to $200 billion, while imports rose 6.3% to $274.5 billion.
In the first three months of this year, the United States has accumulated a negative balance of $212.78 billion, compared to a $129.63 billion trade deficit in the same period last year, when the COVID-19 pandemic began to affect global economic activity.
The U.S. deficit in its goods trade with China, which is highly sensitive to political developments, rose in March to $27.7 billion, up 11% from the previous month.
The U.S. trade deficit is expected to continue to rise throughout the year, boosted by a rebound in imports, thanks to the huge fiscal stimulus promoted by President Joe Biden’s administration and the gradual lifting of restrictions imposed during the pandemic, due to the rapid pace of vaccination in the country.