USA – biggest monthly decline in exports ever recorded

7th May 2020 / NewsBits
  • The U.S. trade deficit widened by almost 12% in March as the coronavirus pandemic grounded international flights, froze the global tourism industry and caused massive disruptions in the exchange of goods such as new cars and iPhones.
  • Imports fell 6.2%, but U.S. exports tumbled an even deeper 9.6% to cause the trade gap to rise. It’s the biggest monthly decline in exports ever recorded.
  • The U.S. deficit rose to $44.4 billion in March from $39.8 billion in February, the government said Tuesday. Economists polled by MarketWatch had forecast a $44.2 billion shortfall. The U.S. exported fewer cars, aircraft parts and barrels of petroleum in March.
  • Notably, exports of services such as banking and tourism sank nearly $11 billion to $59.6 billion. Normally services rarely change much month to month, but the plunge in March shows just how much damage has been caused by the coronavirus.

Source: MarketWatch


At a time when reporting the truth is critical, your support is essential in protecting it.
Find out how

The European Financial Review

European financial review Logo

The European Financial Review is the leading financial intelligence magazine read widely by financial experts and the wider business community.