U.S. Trade Deficit Grows

The U.S. trade deficit expanded in March for the first time in eight months, the Commerce Department said Tuesday.

The gap between imports and exports grew 5.5% to $27.6 billion, largely due to increasing oil prices and demand. Imports decreased in addition to exports, but the drop in demand for imports did not offset the drop in export demand, Bloomberg reported.

Economists had forecast the deficit would increase to $29 billion, Bloomberg said.

Exports fell 2.4% to $123.6 billion, the lowest since August 2006. Imports fell 1% to $151.2 billion, Commerce reported.