The US goods trade deficit climbed to a record $90.6 billion in March as import volumes swelled and retail inventories dropped, highlighting the demand for space on container ships that has pushed up freight rates.
The trade deficit for goods was $90.6 billion in March, up 4% from February, the US Department of Commerce said April 28.US goods exports in March grew $11.4 billion from February to $142 billion but were outpaced by the $14.9 billion growth in imports to $232.6 billion over the same period.
US retail inventories in March dipped 1.4% than February at $613.2 billion, indicating that restocking by US retailers still has not kept up with consumer demand.
Container spot rates for shipments to the US have remained at or near record-high levels for several months as US import volumes surged, a trend that has been attributed to higher spending on consumer goods during pandemic lockdowns and stimulus payments.
Platts Container Rate 9—UK-Continent to East Coast North America—rose to $3,400/FEU April 28 from $2,500/FEU March 8. Spot rates for shipments from North Asia to West Coast North America were assessed at $4,250/FEU April 28 from $4,000/FEU March 8.
