WASHINGTON - The total U.S. trade deficit increased 10.36 percent in March, according to a government report released Thursday.
Data collected by the U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, is reporting that the economy increased from $57.89 billion in February to $63.89 billion in March. The trade deficit in oil increased 19.36 percent in March to $22.06 billion. The non-oil good deficit increased only marginally by 2.64 percent to $45.50 billion.
U.S. manufacturing exports increased at a quickened pace by 20.48 percent from $63.81 billion to $76.88 billion. U.S. manufacturers imports also increased by 11.70 percent to $123.93 billion. As a result, the manufacturing deficit remained about the same at approximately $47 billion.
“America’s plunge deeper into debtor status just accelerated,” said Alan Tonelson, a research fellow at the U.S. Business and Industry Council. “But all President Bush is offering in response are trade deals with three tiny Latin American economies and an agreement with Korea that ignores its most important trade barriers. A strategy like this should not be rewarded with renewal of fast track trade negotiating authority.”
The U.S. goods trade deficit with China dropped a surprisingly 6.5 percent to $17.25 billion. U.S. exports to China jumped by 18.6 percent to 5.48 billion, while goods imports from China dropped slightly by 1.43 percent to $22.73 billion.
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