The U.S. trade deficit grew in March
to a record $46 billion as the highest oil prices in more than
two decades and increased consumer spending boosted imports.
The gap follows a deficit of $42.1 billion in February, the
Commerce Department reported in Washington. Imports and exports
surged to all-time highs, and the deficit with the Organization
of Petroleum Exporting Countries was the biggest ever.
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Concern over supply drove up the price of crude oil in
March, while tax refunds, low interest rates and an improved
labor market helped lift demand for cars, electronic goods and
other products made outside the U.S. Accelerating global growth
and a weaker dollar contributed to a rise in U.S. exports.
Bloomberg News
