Trump's favorite trade-war scorecard plunged in March amid a record slump in exports

• March exports plunged by a record 9.6% to $187.7 billion, down $20 billion from February, according to a Tuesday report from the Commerce Department.
• March imports fell 6.2%, the most in 11 years, to $232.2 billion, shedding $15.4 billion from the previous month.
• The goods and services deficit grew 11.6% to $44.4 billion in March, up from $39.8 billion in February. The median estimate was for a widening to $44.2 billion according to Bloomberg data.
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US exports of goods and services — President Donald Trump's favorite trade-war scorecard — sank to record lows in March as the coronavirus pandemic disrupted global supply chains and curbed travel.

March exports plunged by a record 9.6% to $187.7 billion, down $20 billion from February, according to a Tuesday report from the Commerce Department. March imports fell 6.2%, the most in 11 years, to $232.2 billion, shedding $15.4 billion from the previous month.

The goods and services deficit grew 11.6% to $44.4 billion in March, up from $39.8 billion in February. The median estimate was for a widening to $44.2 billion according to Bloomberg data.

"Core goods imports have been falling for some time, thanks mostly to the trade war, but we had been expecting a gradual rebound in the spring on the back of the signing of the Phase One trade deal, and our expectation of a gradual firming in domestic demand," said Ian Shepherdson, chief economist of Pantheon Macroeconomics. "Now, though, that's all gone, and the collapse in global trade flows is hitting exports too."

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The impact of the coronavirus pandemic can be seen in the details of the report. A major slump in international travel weighed on imports and exports as airlines canceled flights and consumers stayed home.

Travel exports fell 45% from the prior month, while imports tanked 64% in the same period. Transport exports fell $2.6 billion in March, while imports fell $2.9 billion.

Exports of goods decreased $9.2 billion to $128.1 billion from February, the report showed, due to low oil prices and decreases in automotive parts and civilian aircraft. Imports of goods fell $4.7 billion to $193.7 billion, as fewer shipments of cell phones and automotive vehicles and parts came in during the month.

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