WASHINGTON, May 5 — US exports plunged 9.6 per cent in March — the biggest monthly decline on record — increasing the trade deficit to US$44.4 billion as the coronavirus pandemic took hold, the Commerce Department reported today.
Imports also fell, but only by 6.2 per cent, as transportation and shipping began to close down worldwide, causing the trade gap to jump nearly 12 per cent from US$39.9 billion in February.
“The declines in March exports and imports were, in part, due to the impact of Covid-19, as many businesses were operating at limited capacity or ceased operations completely, and the movement of travellers across borders was restricted,” the report said.
While widespread business shutdowns in the United States did not take hold until later in the month, transportation disruptions began earlier overseas.
Exports fell by US$20 billion to US$187.7 billion, while imports fell to US$232 billion, according to the report.
The declines were seen across all categories, including a US$1 billion drop in crude oil exports, while consumer goods imports like cellphones plunged US$4 billion, and auto imports dropped US$2.7 billion.
Falling imports meant the deficit with China on goods alone fell US$4.2 billion in the month to US$15.5 billion, the Commerce Department said.
For the first three months of the year, the trade gap fell 17.8 per cent from the same period of 2019 to US$129.7 billion. — AFP