U.S. Trade Deficit Rose in March Despite Oil Export Surge

VIENNA (DTN) – The U.S. trade deficit edged higher in March as the goods and services deficit grew faster than the services surplus, Commerce Department and U.S. Census Bureau data showed Tuesday (5/5).

The U.S. goods and services deficit stood at $60.3 billion in March, up by $2.5 billion, or 4.4%, from a revised $57.8 billion in February, the Bureau of Economic Analysis, a unit within the Commerce Department, said in statement.

The increase came as the services surplus grew by $1.6 billion to $28.4 while the goods deficit expanded by $4.1 billion month-on-month to $88.7 billion.

In March, U.S. goods imports increased $10.6 billion month-on-month to $302.2 billion, while exports rose $6.5 to $213.5 billion, the BEA release showed. Petroleum exports accounted for most of the increase. Crude oil, fuel oil and other petroleum product exports were up a combined $6.1 billion month-on-month.