Imports Surge: Trade Imbalance Grows & Its All Good

According to data released by US Census, the balance of trade grew in March 2011 by 16% using unadjusted data on the back of record exports and imports.

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that total March exports of $172.7 billion and imports of $220.8 billion resulted in a goods and services deficit of $48.2 billion, up from $45.4 billion in February, revised. March exports were $7.7 billion more than February exports of $165.0 billion. March imports were $10.4 billion more than February imports of $210.4 billion.

The increase in costs for energy imports accounted for more than half of the growth of imports while imported commodities and imported autos / auto parts made up the rest of the surge.

Exports growth was driven by processed energy products. industrial products, autos, capital and consumer goods.  Exports hit an all-time one month high.

As far as the trade balance is concerned – even though it grew MoM, it is well within the historical values for Marchs.

Overall, this trade data is expressed in dollars – while YoY exim price increases are over 10% (analysis here).   Still, both exports and import values are up 18% YoY, and a 7% or 8% year-over-year real growth is still excellent.

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