US trade deficit hits record in March

US trade deficit hits record in March

US trade deficit rose by 9.1% to a record $46 billion in March as imports to the world's largest economy gained momentum. According to US Commerce Department's data, imports of goods and services amounted to $140.7 billion in March, indicating a 4.6% increase from the previous month. Meanwhile, exports also increased by 2.6% to $94.7 billion. US' trade deficit reached $5.6 billion with oil producing countries, including Saudi Arabia and Venezuela. The average price of imported crude oil rose to $30.64 per barrel in March. This is the highest figure since February 1983 and another factor of trade gap. In March, imports of automobiles and parts reached $19 billion. Imports of consumer goods, TVs, toys and clothing amounted to $31.3 billion. These figures also broke a record in March. US trade deficit with China widened to $10.4 billion in March, but US exports to the country totaled a record of $3.4 billion.