US exports hit a record high in March, buoyed by the weak dollar and strengthening global demand as US trade returned to levels last seen before the global financial crisis.
US exports grew 4.6% in March to USD 172.7 billion, surpassing the record set in July 2008 before world trade took a sharp downturn. The March export rise was the biggest month-to-month gain in 17 years, the Commerce Department said in a report on Wednesday.
"It's taken two-and-a-half years, but the level of exports has finally returned to pre-recession levels," said Paul Dales, senior US economist with Capital Economics in Toronto. Despite the big gain, the US trade deficit grew to USD 48.2 billion in the month, the widest since June 2010, as rising oil prices helped push imports nearly 5% higher. NPR - That's right: I put an exclamation mark in a headline about China's trade balance.
US exports grew 4.6% in March to USD 172.7 billion, surpassing the record set in July 2008 before world trade took a sharp downturn. The March export rise was the biggest month-to-month gain in 17 years, the Commerce Department said in a report on Wednesday.
"It's taken two-and-a-half years, but the level of exports has finally returned to pre-recession levels," said Paul Dales, senior US economist with Capital Economics in Toronto. Despite the big gain, the US trade deficit grew to USD 48.2 billion in the month, the widest since June 2010, as rising oil prices helped push imports nearly 5% higher. NPR - That's right: I put an exclamation mark in a headline about China's trade balance.
If you care about global trade imbalances — and you know I do — China running a trade deficit is a big deal.
For the first three months of this year, China imported more than it exported, the Chinese government said.
This is totally contrary to the standard script for global trade.
China always exports more than it imports — and the U.S., for its part, always does the opposite, importing more than it exports.
Economists say...