Growth in US import volumes of goods surged to 30 per cent year-on-year (y-o-y) in March 2025, with imports from Europe rising rapidly. The US trade deficit widened to an all-time high in March, with imports surging and exports steady in the first quarter of fiscal 2025. Import growth then slowed to 2.1 per cent y-o-y in April.
The US dollar has also experienced a sharp and broad weakening after the US tariff shock and since end-2024 has fallen by 11.7 per cent against the euro, as per Fitch Ratings.
The quarterly ‘Economic Monitor’ (formerly ‘20/20 Vision’) chart pack covers the 20 major economies (the Fitch 20) that are the focus of Fitch’s Economics team's global macro analysis.
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