India, May 6 -- The U.S. trade deficit spiked by much more than expected in the month of March, according to a report released by the Commerce Department on Tuesday.
The report said the trade deficit soared to a record high $140.5 billion in March from a revised $123.2 billion in February.
Economists had expected the trade deficit to widen to $129.0 billion from the $122.7 billion originally reported for the previous month.
The much bigger than expected trade deficit came as the value of imports surged by 4.4 percent to $419.0 billion in March after coming in virtually unchanged at $401.2 billion in February.
The sharp increase by the value of imports partly reflected a spike by imports of consumer goods, particularly pharmaceuticals.
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