The U.S. trade deficit exploded in March to $51.4 billion, a six-year high.
This was much more than the $41.7 billion U.S. economists had expected, according to Bloomberg. It's the largest deficit since October 2008.
The deficit rose by 43.1%, the largest in 18 years, Bloomberg noted.
The nine-month slowdown at West Coast ports due to a labour contract dispute caused a backlog of cargo which is now being cleared.
In their Global Economics Weekly note, Barclays economists wrote that they expected the trade balance to widen sharply "as the resolution of the West Coast port strikes led to a sharp reversal of the slump in imports."
"Inbound cargo volumes rose sharply on the month with outbound volumes up much more modestly," they wrote.
Related Stories
