China Usa Washington reports economy Department China Usa Washington

US trade deficit hits record $74.4 billion in March

WASHINGTON – The U.S. trade deficit surged to a record $74.4 billion in March as an improving U.S. economy drove purchases of imported foreign goods.

The deficit was 5.6% higher than the February gap of $70,5 billion, the Commerce Department reported Tuesday. The trade deficit is the gap between what America buys from abroad and what it sells to other countries..

Imports rose 6.3% to $274.5 billion while exports increased 6.6% to $200 billion. The U.S. imports so much more than it exports that in dollar terms, the rise in imports was greater.

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