The United States imported $538.8 billion worth of goods from China last year and sent exports worth $153.8 billion to the country

The bleak data also underlined the impact of fresh Covid restrictions across many Chinese cities including manufacturing hubs Zhengzhou and Guangzhou

Imports swelled due to a surge in oil shipments from Saudi Arabia and coal and liquefied natural gas (LNG) from Australia

Shoring up the prospects of a private demand-led recovery, however, was a gauge of capital expenditure that posted its first monthly gain in three months

Exports rose slightly less than expected despite a rebound in China-bound shipments, in a worrying sign for an economy facing growing uncertainty

The Indian rupee fell to a historic low on Monday, after a sharp rise in global prices of crude oil stirred concern on inflation and possible interest rate hikes by the central bank

The growing trade deficit highlights the world's third-largest economy's vulnerability to soaring commodity costs and slowing demand from China