U.S. Trade with the World Rose in March
U.S. trade with the rest of the world increased in March as companies shipped more oil, natural gas and vehicles overseas and exported more products to China after it lifted COVID-19 restrictions.
Exports rose 2.1% in March from the prior month to a seasonally adjusted $256.2 billion while imports declined 0.3% to $320.4 billion, the Commerce Department said.
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The trade deficit in goods with China in March was the lowest since March 2020.
Agriculture Not a Reason for Narrower Trade Gap in March
While the overall U.S. trade deficit narrowed to $64.2 billion in March from $70.6 billion in February on rising exports against imports that declined, the U.S. ag sector exports saw a wider deficit.
Though ag exports improved to $15.87 billion in March, up nearly 4% from February, imports surged to $17.68 billion, a 16% increase from the prior month. That produced a deficit of $1.83 billion versus a surplus of $49.1 million in February, which then pushed fiscal year (FY) 2023 agricultural exports to $100.19 billion vs imports of $98.94 billion for a cumulative surplus of just $1.25 billion.
