US trade deficit hits record $109B in March
It's the first ever monthly trade deficit to surpass $100 billion
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.
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Port of Long Beach in California. (iStock / iStock)
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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%.