The US trade deficit in goods worsened sharply in March amid rising imports, signaling that trade is still dragging on economic growth in Q1.
- The goods trade deficit rose 17.8% to $125.3 billion. Imports grew 11.5%, surpassing a 7.2% increase in exports. Trade has subtracted from gross domestic product growth for six consecutive quarters.
- Exports of goods for March increased by $11.4 billion to $169.3 billion than in February, as imports expanded by $30.3 billion from February’s imports.
- Wholesale inventories rose by 2.3% on a monthly basis to $837.7 billion, increasing by 21.5% year-over-year.
Retail inventories came in at $684.3 billion in March, growing by 2% from February and 11% annually.
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Source: US Census Bureau
