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U.S. goods trade deficit widens sharply in March -Breaking

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© Reuters. FILE PHOTO A ship with shipping containers on it is being unloaded from a Port Newark, New Jersey (USA) pier, 19 November 2021. REUTERS/Mike Segar/File Photo

WASHINGTON, (Reuters) – The U.S. trade deficit for goods grew sharply in March due to an increase in imports. This suggests that trade remained a major drag on economic growth during the first quarter.

According to the Commerce Department, Wednesday’s goods trade deficit rose 17.8% to $125.3 million. The Commerce Department reported that imports increased 11.5% in comparison to a 7.2% rise in exports. Six consecutive quarters have seen trade decline from the gross domestic product’s growth.

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