US Trade Deficit Jumps To $48 Billion

US companies sold a record amount of goods and services overseas in March, but a big jump in oil imports pushed the nation's trade deficit higher.



The Commerce Department says the trade deficit rose 6pc to $48.2bn (£29.4bn). That's up from $45.4bn in February. Exports increased to $172.7bn, the largest on records dating back to 1996. The dollar's decline in recent months has made US goods cheaper overseas, and exports have also risen due to rapid growth in developing countries.

However, oil imports soared to $39.3bn, an 18pc rise from the previous month. That's the highest level since August 2008, and reflects steep price increases and more demand.
The trade deficit with China decreased to $18.1bn. That's down slightly from $18.8bn in February.