U.S. trade deficit surpasses $100 billion for first time

Boris Ulloa

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Boris U./EFE

The negative balance of the US trade balance reached $109.802 billion (104.340 billion euros) last March, after increasing by 22.7% over February's deficit of $89.8 billion (85.333 billion euros) and by 54% in a year, thus exceeding the $100 billion threshold for the first time, according to data from the US Census Bureau.

The new record US trade deficit reflects the sharp increase in imports during the month of March as a result of the rise in fuel prices, to 351.518 billion dollars (334.033 billion euros), 10.3% more than in February and 27% more than a year earlier.

On their side, US exports totaled $241.716 billion (€229.693 billion) in March, 5.6% more than in February and 17.7% more than in March 2021.

In March, the first month after the invasion of Ukraine, US exports to Russia fell by 79.7% month-on-month to $101 million (€96 million), although imports from the Euro-Asian giant grew by 6.5% to $2.746 billion (€2.609 billion).

Thus, the US trade deficit with Russia stood at 2,645 million dollars (2,513 million euros) in March, 41% more than a month earlier.

Between January and March, the US trade deficit reached $288.831 billion (€274.465 billion), 41% higher than in the same period of 2021.

US exports in the first quarter of the year totaled $695.03 billion (€660.459 billion), up 17.7%, while imports rose 23.8% to $983.861 billion (€934.924 billion).

On the other hand, exports to Russia fell by almost 80%, while purchases of Russian goods and services increased by 6.5%, something that had never happened before.

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Hello, my name is Boris Ulloa, an international journalist living in New York. I am extensively dedicated to national and international coverage, I am interested in writing quality news to leave the reader well informed.

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