US trade deficit hits record low - Agricultural exports see significant decline
The US trade deficit widened by 14 percent to a record $140.5 billion in March as businesses stockpiled goods in anticipation of President Donald Trump's sweeping tariffs.
The U.S. Census Bureau and the Bureau of Economic Analysis announced that the goods and services deficit in March increased by $17.3 billion from $123.2 billion in February.
March exports were $278.5 billion, $500 million more than February. March imports were $419.0 billion, $17.8 billion more than February.
A decline in exports that began in early 2025 has reached most US ports, with the US agricultural sector and key products, including soybeans, corn and beef, taking the hardest hit.
Port data showed that the U.S. agricultural sector lacks the capacity to move products to global markets.
The port of Portland, Oregon, tops the list with a 51% drop in exports, while that of Tacoma, Washington, has suffered a 28% drop.
According to Ben Tracy, vice president of strategic business development at Vision, almost all U.S. exports have taken a significant hit.
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