Trade Deficit Widens in March

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.

The 2.5% increase in the gap between imports and exports left the deficit at $40.4 billion, Commerce said.

The deficit was in line with economists’ forecasts, Bloomberg reported.

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.

Exports rose 3.2% to $147.9 billion, Commerce said.