The US trade deficit hit a record high of $109.8 billion in March, with imports increasing 10.3% to $351.5 billion, the highest value on record, according to the US Bureau of Economic Analysis. 

The deficit increased from $89.8 billion in February as imports increased more than exports.

Exports of goods and services went up by $12.9 billion, or 5.6%, in March to $241.7 billion, also reaching a new record value.

Shipments increased mainly for crude oil, fuel oil, natural gas liquids, autos and parts, transport, and travel.

Oil import prices in March surged to $87.2 a barrel compared to $76.37 in the previous month.

The largest rises were seen in purchases of finished metal shapes, crude oil, cotton apparel, household goods, footwear, furniture, computers, passenger cars, transport, and travel.

The trade deficit with China rose to $34 billion in March from $30.7 billion in February./aa