U.S. companies sold the most goods and services overseas on records dating back 15 years, but a big jump in oil prices pushed the nation’s trade deficit higher in March.
The trade deficit rose 6 percent to $48.2 billion, the Commerce Department said Wednesday. That’s the highest level since June 2010 and up from $45.4 billion in February.
Exports increased to $172.7 billion. The dollar’s decline in recent months has made U.S. goods cheaper overseas, and exports also have risen because of rapid growth in developing countries.
However, oil imports soared to $39.3 billion, an 18 percent rise from the previous month. It was the highest level since August 2008 and reflects steep price increases as well as greater demand.
The average price for a barrel of imported crude oil was $93.76 in March, up from $87.17 in February. Oil prices have risen even further since then, despite declines in recent weeks. Oil closed at about $104 per barrel on Tuesday.
LINK: http://www.washingtontimes.com/news/2011/may/11/us-trade-deficit-widens-march-pricier-oil/
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