The US Trade Deficit Reached $44.4 Billion In March
The US trade deficit increased by 11.6% compared to February this year.
The US trade deficit in March of this year increased by 11.6% compared to February of this year and reached $44.4 billion, amid a reduction in exports and imports due to the coronavirus pandemic. As reported by Reuters, this follows from data published on Tuesday by the US Department of Commerce.
According to the Department, the US trade deficit increased by $4.6 billion compared to the figure of $39.8 billion recorded in February this year, which was the largest increase since December 2018. At the same time, the trade deficit with China fell to the lowest level since March 2004 and amounted to $11.8 billion.
In March, US exports fell by a record of 9.6% to $187.7 billion, the lowest since November 2016. Imports also fell to November 2016 figures and reached $232.2 billion. The 6.2% drop in US imports was the largest since November 2009, according to Reuters.
In early February, the Ministry of trade informed that the US trade deficit last year fell for the first time in six years by 1.7% and reached $617 billion, largely due to customs duties on Chinese goods. In 2018, this figure was $628 billion, the highest in the last decade.
An outbreak of the coronavirus-induced disease was recorded in late 2019 in Central China and has spread to most countries. On March 11, the World Health Organization recognized it as a pandemic. Since the beginning of the pandemic, more than 3.5 million people have been infected with the coronavirus in the world, and more than 245 thousand have died. All countries and territories were forced to take various emergency measures of a sanitary and epidemiological nature, which led to a deep international economic crisis. According to the IMF forecast, this year the global economy will record a decline of 3%.