MW: U.S. trade gap widens on larger petroleum imports
By Rex Nutting
WASHINGTON (MarketWatch) - Global trade rebounded further in March, driving U.S. exports and imports to their highest levels since October 2008, the Commerce Department estimated Wednesday. The U.S. trade deficit -- the difference between exports and imports of goods and services -- increased by $1 billion to a seasonally adjusted $40.4 billion, the highest since December 2008 when global trade contracted violently after the September 2008 financial crisis. In March, imports increased 3.1% to $188.3 billion, while exports climbed 3.2% to $147.9 billion. Imports of petroleum increased sharply in March to $22.3 billion, the most since October 2008.
