The U.S. trade deficit widened in March to the highest level in more than a year, as crude oil imports rose, the Commerce Department said Wednesday.
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The 2.5% increase in the gap between imports and exports left the deficit at $40.4 billion, Commerce said.
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The deficit was in line with economists’ forecasts, Bloomberg reported.
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Imports rose 3.1% to $188.3 billion, led by a $2.76 surge in oil imports. Excluding oil, the gap shrank to $15.6 billion.
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Exports rose 3.2% to $147.9 billion, Commerce said.
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