U.S. Merchandise Trade Slumps to Lowest in Almost Three Years

U.S. exports and imports of goods slumped in March to the lowest level in almost three years as the coronavirus pandemic shut down economies across the world.

Goods exports fell 6.7% from the prior month -- the sharpest decline since 2008 -- led by plunges in auto shipments and industrial supplies such as oil, according to Commerce Department data released Tuesday. Imports fell by 2.4% on autos and consumer goods. Combined, U.S. exports and imports were the lowest since May 2017.