US trade deficit biggest in more than two years

The US trade deficit widened for the second consecutive month in March to its highest level since December 2008, the Commerce Department reported Wednesday.

The trade shortfall increased 2.5 percent to 40.4 billion dollars from February, the department's seasonally adjusted data showed.

The March deficit was in line with the 40.5-billion-dollar gap expected by most analysts.

The second straight month of a rising trade deficit highlighted an overall trend of rising US exports as the global economy emerges from recession. The gap had hit a low of 25.8 billion dollars in May 2009.

The US volume of international trade in goods and services in March reached its highest level since October 2008, the month after Wall Street investment bank Lehman Brothers failed, triggering a global financial meltdown that led to the worst recession since World War II.

March exports surged 3.2 percent from February, eclipsing a 3.1 percent rise in imports.

But in dollar terms, exports totalled 147.9 billion dollars in March and imports stood at 188.3 billion dollars.