U.S. trade deficit jumps 22% and tops $100 billion for the first time ever

Market Watch ^ | May 4, 2022 | Jeffry Bartash

[ConservativeInPA]

Imports climb to record $351.5 billion in March

he numbers: The U.S. trade deficit leaped 22% in March and topped $100 billion for the first time ever, reflecting a big appetite among Americans for foreign goods. They’re also paying higher prices for oil and other products due to soaring inflation.

The trade gap rose to $109.8 billion from $89.8 billion the prior month. Economists polled by The Wall Street Journal had forecast a $106.7 billion trade gap.

Imports leaped 10.3% in March to a record $351.5 billion. High inflation, especially oil prices, has added to the cost of imports.

Exports rose 5.6% to $241.7 billion, also a record.

[ConservativeInPA]

First time ever. How much is the Big Guy and his crime family getting from China? How about Iran? Of course the Commies in Venezuela kicking back to Brandon. Part of the trade deficit is importing oil. But, I'm a positive guy. The figures could be worse. The numbers do not include sex slaves and fentanyl illegally imported across our southern border.

[EEGator]

Thank goodness we have $46 billion for the Ukraine.
Brilliant!…

[JonPreston]

$100 billion deficit, brought to US by the Uniparty, with a special push from Biden Republicans

[griswold3]

Oil imports lead the charge!

[FlingWingFlyer]

I guess that’s why the Snowflakes are sending their boob, Jo Jo the Pedo Clown out to tell everybody to “Move on, there’s nothing to see here” with his deficit new conference for dummies.

[Berlin_Freeper]

Trade in Goods with Germany

[rktman]

So jumping 22% is falling? Guess this is CONfusing to some.

With deficit falling, Biden highlights fiscal responsibility.

https://freerepublic.com/focus/f-news/4060272/posts

[Leep]

The party of Brandon must be celebrating?

[TakebackGOP]

Why is it more now than under GWB and Obama?

[Leaning Right]

> reflecting a big appetite among Americans for foreign goods <

What a dumb statement. Americans don’t buy foreign goods because we are in love with them. We buy foreign goods because our government (local, state, and federal) has destroyed American industry.

Trump understood this. He tried to bring industry back to America. So of course he had to be pushed aside.

[Worldtraveler once upon a time]

--- "Americans don't buy foreign goods because we are in love with them. We buy foreign goods because our government (local, state, and federal) has destroyed American industry."

Completely agree. Outsourcing and sole sourcing (or close to it) has made the economy ever weaker for the little guy, while the fat cats increase their take. "Financialization" can never replace manufacturing.

[woodbutcher1963]

“Commies in Venezuela”

Actually, importing Venezuela oil helps our trade deficit. Let me explain. We import a barrel of high sulfur oil from Venezuela to our refineries on the Gulf Coast at $100/barrel. These refineries are the most efficient in the world at turning this type of heavy crude into petroleum distillates.

We then export to countries in the Caribbean and other countries gasoline, diesel fuel and other products costing double or more of the imported barrel cost.

[ConservativeInPA]

That’s twisted. I get your technical point on the capability of our oil refineries. But, I rather buy sour crude from Canada than Venezuela, imported via a pipeline.

[Wayne07]

“So jumping 22% is falling? Guess this is CONfusing to some.”

Trade deficit (exports minus imports) and budget deficit (revenue minus spending) are two different things.

[Zenjitsuman]

I call for presidential elections this year

We can’t let this guy kill out economy, risk war
and foreign relations.

[woodbutcher1963]

Absolutely agree. That was 100% purpose of the Keystone XL pipeline. In addition to being the most efficient(cheapest) refineries in the world, the TX/LA refineries have the excess capacity to refine more oil than they are currently bringing in.

The increase in importation of Alberta Canada tar sands oil would have been a direct competition to Venezuela, Iran and other Heavy crude, high sulfur oil producers.

This is similar to the fact that an increase in production of Balkan(MT, ND) light sweet crude and SW Texas(shale oil)light sweet crude would reduce the import of Nigerian light sweet crude.

This is why other oil producers in other parts of the world unite with organizations like the Sierra Club to stop the increase in US domestic oil production.

[dennisw]

I understand you completely. Venezuelan crude is so heavy and hard to refine. I have used roofing tar on my roof in the last 15 years. The 5 gal bucket said product of Venezuela.

Alberta tar sands are a tougher oil extraction than Venezuelan and that might be about it. Russian crude comes from very frigid climates which raises its price of lifting. But is nice and sweet. Easy to run through oil refineries.

[Wayne07]

Call the parliament and let them know!

[ConservativeInPA]

This is why other oil producers in other parts of the world unite with organizations like the Sierra Club to stop the increase in US domestic oil production.

That I didn't know.

[woodbutcher1963]

The organizations do not really advertise that they are taking money from the very type of corporations they are protesting against.
Kind of like the enemy of my enemy is my ally.

Don’t you think it is in the best interest of OPEC to discourage oil production in the USA? The more oil we produce here, the less we need to buy from them.