WASHINGTON – The U.S. international trade deficit rose to $48.2 billion in March, from a revised $45.4 billion in February. Imports and exports both rose, but the continuing boom of oil prices and a major increase in the quantity of imported oil inflated the imports figure.
March imports were $220.8 billion, up from a revised $210.4 billion in February. Imports of goods were the highest since August 2008.
Exports were $172.7 billion, up from a revised $160.0 billion in February. That 8.5% jump was the biggest monthly change in exports since 1994. Goods exports were the highest on record. The trade surplus in service exports, at $13.9 billion was also the highest on record.
The average price of imported oil went up 7.6% to $93.76 as the total volume of oil imports also rose, up 22%.
March’s trade deficit was more than the $47.1 billion median estimate from economists polled by Thomson Reuters.
Aside from oil, March imports were lead by consumer goods, autos, computers and telecommunications equipment.
In exports, the big categories were autos, agricultural products such as soybeans and wheat, industrial machines, pharmaceuticals and civilian aircraft.
The controversial U.S. trade deficit with China actually fell from $18.8 billion to $18.1billion. And, no surprise, the deficit with OPEC countries rose 15.2% to $10.8 billion.
