The US trade deficit widened to an all-time high in March 2025, expanding 14% m-o-m to USD 140.5 bn as businesses rushed to bring in goods before the tariffs introduced by President Donald Trump came into effect, according to latest Commerce Department data. The deficit has widened 92.6% year-to-date. Imports from a number of nations soared to record levels, while imports from China hit a five-year low amid a sharp drop in shipping volumes.

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Imports surge past forecasts: The deficit was USD 3.5 bn wider than the USD 137 bn forecast by economists polled by Reuters. The overall goods trade deficit widened 11.2% m-o-m to a record USD 163.5 bn during the month, while imports rose 4.4% m-o-m to a high of USD 419.0 bn.

Why the surge? “Businesses are clearly scrambling as they try to find a way through this time of unprecedented change,” FWDBONDS Chief Economist Christopher Rupkey told the newswire. “But the worst is undoubtedly yet to come because the import tariff collections did not start to roll in earnest until after the White House ‘Liberation Day’ announcement on 2 April.”

Rush to import before tariffs bite: Imports from Mexico, the UK, Ireland, the Netherlands, Belgium, France, Germany, Italy, India, and Vietnam hit record highs as buyers scrambled to get ahead of Trump’s trade measures. ”Imports from the EU were substantial in March, particularly from Ireland, and may decline in April,” Citigroup economist Veronica Clark said. “But if anything, imports from some Asian countries may rise further as larger 40%-50% tariffs were delayed until July.”

What about exports? Exports rose a mere 0.2% m-o-m to a record USD 278.5 bn in March. Goods exports climbed 0.7% to USD 183.2 bn — their highest level since July 2022 — driven by a USD 2.2 bn increase in industrial supplies and materials. Auto and auto parts exports also added USD 1.2 bn, but that was offset by a USD 1.5 bn drop in capital goods.

The news received attention from: Reuters | Bloomberg | AP

MARKETS THIS MORNING-

Asian markets are in the green this morning. The Shanghai Composite is up 0.6%, the Hang Seng is looking at gains of 1.6%, and Korea’s Kospi is up 0.3%. Meanwhile, Japan’s Nikkei is down 0.1%.

TASI

11,434

+0.1% (YTD: -5.0%)

MSCI Tadawul 30

1,457

+0.2% (YTD: -3.4%)

NomuC

27,953

-0.7% (YTD: -11.2%)

USD : SAR (SAMA)

USD 3.75 Sell

USD 3.75 Buy

Interest rates

5.0% repo

4.5% reverse repo

EGX30

32,285

+0.2% (YTD: +8.6%)

ADX

9,623

+0.6% (YTD: +2.2%)

DFM

5,353

+0.2% (YTD: +3.8%)

S&P 500

5,607

-0.8% (YTD: -4.7%)

FTSE 100

8,597

0.0% (YTD: +5.2%)

Euro Stoxx 50

5,263

-0.4% (YTD: +7.5%)

Brent crude

USD 62.01

+3.0%

Natural gas (Nymex)

USD 3.49

-1.8%

Gold

USD 3,441

+3.6%

BTC

USD 94,799

+0.1% (YTD: +1.3%)

Sukuk/bond market index

911

-0.2% (YTD: +1.1%)

S&P MENA Bond & Sukuk

143.7

0.0% (YTD: +2.7%)

VIX (Fear gauge)

24.51

+3.7% (YTD: +41.3%)

THE CLOSING BELL: TADAWUL-

The TASI rose +0.1% yesterday on turnover of SAR 4.6 bn. The index is down 5.0% YTD.

In the green: Cenomi Retail (+9.9%), Bupa Arabia (+3.6%) and Saudi Ceramics (+3.2%).

In the red: Aletihad (-7.7%), Mepco (-4.4%) and Mutakamela (-4.4%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.7% yesterday on turnover of SAR 32.8 mn. The index is down 11.2% YTD.

In the green: Aljouf Water (+16.5%), Knowledgenet (+8.4%) and AZM (+6.1%).

In the red: Alrasheed (-7.8%), Paper Home (-7.8%) and Fadeco (-7.5%).

CORPORATE ACTIONS-

Almajed Oud greenlit a SAR 100 mn dividend payout at SAR 4 per share, according to a disclosure to Tadawul (pdf).

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