US trade deficit hits record $109B in March

[mountaineer]

US trade deficit hits record $109B in March
Anders Hagstrom -
May 4, 2022

The U.S. trade deficit hit a record $109.8 billion in March as import purchases spiked, the Commerce Department announced Wednesday.

March was the first time in U.S. history that a monthly deficit surpassed $100 billion. The trade deficit refers to the gap between how much America purchases from other countries versus what it sells abroad.

March also saw a record-setting increase in imports as companies seek to restore stockpiles following recent supply chain chaos.

The figure beat out predictions, which had placed March's deficit at $107 billion.

The rising deficits have consistently cut away from America's gross domestic product (GDP), slicing it by 3.2% in the first quarter of 2022, according to Reuters. GDP finished the quarter down 1.4%. ...

FOX Business via MSN

[mountaineer]

U.S. Trade Soaring Because Of, Not Despite, Covid Lockdowns, Supply Chain Woes
Two decades analyzing U.S. trade data by port, country, export, import
May 4, 2022,05:02pm EDT
Ken Roberts
Forbes

U.S. trade increased a runaway 20.97% in the first quarter to a record $1.26 trillion, according to U.S. Census Bureau data released Wednesday.

That total was buoyed rather than bogged down by continuing Covid-19 lockdowns in China, supply chain snarls and the Russian invasion of Ukraine. They have led to scarcity and higher prices for oil, gasoline and numerous other imports and exports. ...

It's strange they mentioned Covid in the headline, because the story never addresses the question of its impact on trade.