Lates News

The increase in the trade deficit and the larger increase in import volume compared to export volume in March indicate strong consumer and business demand. Data released by the U.S. Department of Commerce on Tuesday showed a 4.4% month-on-month increase in the goods and services trade deficit, reaching $60.3 billion, which was slightly lower than the median market expectation of $61.0 billion. The 2.3% increase in import volume mainly reflects growth in imports of cars and consumer goods. Additionally, the rapid development of artificial intelligence has boosted demand for foreign-made computer equipment, leading to an increase in imports of capital goods. Export volume in March increased by 2% compared to the previous month, benefiting from an increase in shipments of oil and other petroleum products. The March data marks the highest level of net exports dragging on GDP in nearly a year.