US trade deficit in March zooms to $27.6 billion
12 May 2009
US trade deficit in March 2009 widened to $27.6 billion as the global recession affected America's exports, while imports, mainly from China, increased, data released by the commerce department showed.
The March figure was up 5.5 per cent from the revised February trade gap of $26.1 billion.
US trade deficit is currently ruling at an annual rate of $359.7 billion over the first three months of the current year, compared to the $681.1 billion reported last year.
US imports too have fallen, although to a lesser extent, compared to its exports, data showed.
Manufacturing exports have fallen the most with orders for US corporate giants such as Boeing Co and Caterpillar Inc plunging with the global economic recession.
Exports of goods and services fell 2.4 per cent to $123.6 billion in March 2009, the lowest since August 2006. Farm product exports fell $2.4 billion, while capital goods exports dipped $1.7 billion.
Major losers included aircraft (civilian), telecommunication equipment, semiconductors and autos and auto parts.
Imports declined 1 per cent to $151.2 billion, the lowest since September 2004. Capital goods imports declined $516 million.
Overall imports fell although oil imports rose 6.2 per cent to $17.2 billion, the highest level since January.
US trade deficit with China rose 10 per cent to $15.6 billion in March, the highest since January.
China, meanwhile, said its exports fell 22.6 per cent in April this year compared to exports in April 2008 amidst a global demand slump.
