U.S. Int'l Trade Deficit in Goods Sets New Record in March
by:Tom Moeller
|in:Economy in Brief
Summary
- Export gain is firm.
- Import surge is broad-based.
The advance estimate of the U.S. international trade deficit in goods deteriorated to a record $125.32 billion in March from $106.35 billion in February. A $105.0 billion deficit had been expected in the Action Economics Forecast Survey. Exports of goods increased 7.2% (18.1% y/y) following a 1.7% February rise. Imports gained 11.5% (25.6% y/y) after increasing 0.6% in February.
The March increase in exports reflected a 3.1% (22.0% y/y) rise in non-auto consumer goods which followed a 6.7% February rise. Exports of foods, feeds & beverages rose 4.7% last month (11.3% y/y) about the same as in the prior month. Industrial supplies & materials exports rose 12.3% last month (30.9% y/y) after rising 3.0%. Exports of autos & parts rose 8.4% (1.5% y/y) following a 2.3% decline. Capital goods exports improved 1.7% in March (9.4% y/y) after falling 1.5% in February.
Imports increased as industrial supplies & materials strengthened 15.0% in March (48.1% y/y) after rising 5.5% in February. Nonauto consumer goods imports improved 13.6% (25.8% y/y) following a 0.7% rise. Imports of autos & parts gained 12.0% (8.0% y/y) which came after a 9.9% decline. Capital goods imports rose 7.6% (18.3% y/y), after a 1.4% gain. Increasing by 6.2% in March (25.1% y/y) were imports of foods, feeds & beverages which followed February's 3.0% decline.
The advance international trade data can be found in Haver'sUSECONdatabase. The expectation figure is from the Action Economics Forecast Survey, which is inAS1REPNA.
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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