US trade deficit hits record $109B in March
It's the first ever monthly trade deficit to surpass $100 billion
Check out what's clicking on FoxBusiness.com.
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.
BIDEN VACCINE MANDATE COULD MAKE SUPPLY CHAIN CRISIS EVEN WORSE, CARGO COMPANIES WARN
Port of Long Beach in California. (iStock / iStock)
GET FOX BUSINESS ON THE GO BY CLICKING HERE
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%.