May 11, 2011
The international trade deficit in goods and services increased to $48.2 billion in March from a downwardly revised $45.4 billion in February, the Commerce Department reported today.
Economists had expected a deficit of $47.0 billion for the month. Total exports were the highest ever recorded, while imports were the highest since August of 2008.
Exports increased to $172.7 billion from $165.0 billion in February. Exports of Goods were $124.9 billion in March, up from $117.8 billion in February, while services were $47.7 billion, up from $47.2 billion.
Imports increased to $220.8 billion in March from $210.4 billion the previous month. Goods were $187.0 billion, up from $176.9 billion in February, and services were $33.8 billion, up from $33.5.
The trade gap with China actually decreased 4% to $18.1 billion, and the gap with Canada, America's largest trading partner, decreased 7% to $2.8 billion from the month prior, while the deficit with the European Union grew 30% to $9 billion.
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