Imports rose by 2.3% in March, driven by higher inbound shipments of motor vehicles and consumer goods, pointing to steady consumer and business spending. At the same time, exports increased 2%, supported by a record level of industrial supplies shipments, including oil and other petroleum products.

Despite the rise in exports, it was not enough to offset the stronger growth in imports, leading to a wider overall trade gap. On an inflation-adjusted basis, the merchandise trade deficit expanded further to $90.8 billion during the month.

The data also highlighted strength in the energy sector, with the US recording its largest-ever petroleum trade surplus after adjusting for prices. This reflects robust exports of oil and related products, even as overall trade dynamics were weighed down by higher import volumes.

Overall, the widening deficit signals resilient domestic demand but also underscores ongoing imbalances in trade flows.

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