Thursday, 13 May 2021 09:22 GMT

U.S. trade shortfall sees record high

( MENAFN )According to the department, the U.S. trade shortage expanded by 5.6 percent to a record high of USD74.4 billion in March as the gain in imports outpaced exports, the U.S. Commerce Department seen on Tuesday, May 4.

U.S. exports augmented by 6.6 percent to USD200 billion dollars in March while imports augmented by 6.3 percent to USD274.5 billion dollars.

"The United States is leading the way in vaccinations and stimulus support to households and businesses, and this continues to be reflected in stronger import growth," Jay Bryson and Shannon Seery, economists at Wells Fargo Securities, stated on Tuesday, May 3, in an analysis.

The economists revealed that current weakness in exports shows anemic expansion in many of America's main trading partners, which generally are lagging the United States in vaccinations.

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