US trade gap hits $30bn

The high cost of importing oil boosted US imports

The US trade gap has reached a record high of $30.2bn in March.

Imports hit $117.4bn, as prices of imported oil hit levels not seen since the Gulf crisis in 1990.

The value of crude petroleum imports rose to $7.6bn as oil averaged $26.38 a barrel.

As the US enjoys the longest boom in its history, demand for consumer goods continued to boost imports of industrial supplies, cars and other consumer goods.

"The story is that the trade deficit is continuing to widen with the growth in the US exceeding the growth of its major trading partners," Marilyn Schaja, money market economist at Donaldson, Lufkin and Jenrette Securities, said.

The US also imported more civilian aircraft than it exported, in part because of the strike at Boeing.

Export boom

Exports rose 2.9% to $87.3bn, the highest level on record.

This rise was not enough to counter the impact of high oil prices.

It was led by overseas demand for farm products and cars.

The data comes just days before a key vote in the US House of Representatives on granting trade benefits to China.

While the US deficit with China shrank in March, the overall deficit was higher than analysts had expected.

This will likely harden the stance of politicians, who are opposed to increasing trade with China.