The US in March recorded its biggest monthly trade deficit since the 2008 global financial crisis, fuelling concerns that the economy shrank in the first three months of the year.
The politically sensitive goods and services deficit rose to $51.4bn in March, up more than 40 per cent from the $35.9bn recorded in February. Exports rose less than 1 per cent while imports grew 7.7 per cent amid increased US demand for cars and mobile phones.
The figures made for awkward reading for US policy makers. They came as Barack Obama, the president, attempts to make the case for a Pacific Rim trade pact with Japan and 10 other economies, amid criticism that past deals have caused deficits to balloon and triggered an exodus of jobs overseas.
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