Exports, Imports, and Balance
March exports were $257.6 billion, $5.3 billion less than February exports. March imports were $327.0 billion, $5.4 billion less than February imports.
The March decrease in the goods and services deficit reflected an increase in the goods deficit of $0.8 billion to $92.5 billion and an increase in the services surplus of $0.9 billion to $23.1 billion.
Year-to-date, the goods and services deficit increased $6.5 billion, or 3.2 percent, from the same period in 2023. Exports increased $9.1 billion or 1.2 percent. Imports increased $15.6 billion or 1.6 percent.
Three-Month Moving Averages
The average goods and services deficit increased $1.7 billion to $68.8 billion for the three months ending in March.
- Average exports increased $0.3 billion to $259.2 billion in March.
- Average imports increased $2.0 billion to $328.1 billion in March.
Year-over-year, the average goods and services deficit increased $2.2 billion from the three months ending in March 2023.
- Average exports increased $3.0 billion from March 2023.
- Average imports increased $5.2 billion from March 2023.
Exports
Exports of goods decreased $5.1 billion to $171.3 billion in March.
Exports of goods on a Census basis decreased $5.2 billion.
- Capital goods decreased $2.0 billion.
- Civilian aircraft decreased $1.2 billion.
- Industrial supplies and materials decreased $1.9 billion.
- Nonmonetary gold decreased $0.9 billion.
- Other petroleum products decreased $0.6 billion
- Crude oil increased $0.6 billion
- Foods, feeds, and beverages decreased $1.3 billion.
- Soybeans decreased $0.6 billion.
Net balance of payments adjustments increased $0.1 billion.
Exports of services decreased $0.2 billion to $86.4 billion in March.
- Travel decreased $0.2 billion.
Imports
Imports of goods decreased $4.3 billion to $263.8 billion in March.
Imports of goods on a Census basis decreased $4.2 billion.
- Automotive vehicles, parts, and engines decreased $4.7 billion.
- Passenger cars decreased $3.2 billion.
- Industrial supplies and materials decreased $1.6 billion.
- Consumer goods increased $3.0 billion.
- Pharmaceutical preparations increased $2.5 billion.
- Cell phones and other household goods decreased $1.7 billion.
Net balance of payments adjustments decreased less than $0.1 billion.
Imports of services decreased $1.1 billion to $63.2 billion in March.
- Transport decreased $0.7 billion.
- Travel decreased $0.4 billion.
Real Goods in 2017 Dollars – Census Basis
The real goods deficit increased $1.3 billion, or 1.4 percent, to $88.6 billion in March, compared to a 1.1 percent increase in the nominal deficit.
- Real exports of goods decreased $4.7 billion, or 3.2 percent, to $143.2 billion, compared to a 3.0 percent decrease in nominal exports.
- Real imports of goods decreased $3.4 billion, or 1.5 percent, to $231.8 billion, compared to a 1.6 percent decrease in nominal imports.
Revisions
Revisions to February exports
- Exports of goods were revised down $0.3 billion.
- Exports of services were revised up $0.2 billion.
Revisions to February imports
- Imports of goods were revised down less than $0.1 billion.
- Imports of services were revised up $0.5 billion.
Goods by Selected Countries and Areas: Monthly – Census Basis
The March figures show surpluses, in billions of dollars, with
- Netherlands ($5.4),
- South and Central America ($4.0),
- Hong Kong ($2.2),
- Australia ($1.9),
- Singapore ($0.8),
- Belgium ($0.7),
- United Kingdom ($0.7), and
- Brazil ($0.6).
Deficits were recorded, in billions of dollars, with
- China ($24.1),
- European Union ($19.5),
- Mexico ($13.5),
- Vietnam ($9.0),
- Germany ($7.5),
- Ireland ($6.7),
- South Korea ($5.6),
- Taiwan ($5.3),
- Japan ($5.3),
- India ($4.0),
- Canada ($3.8),
- Italy ($3.7),
- Malaysia ($2.0),
- France ($1.7),
- Switzerland ($1.4),
- Israel ($0.7), and
- Saudi Arabia ($0.1).
The deficit with China increased $2.2 billion to $24.1 billion in March. Exports decreased $0.5 billion to $12.7 billion and imports increased $1.7 billion to $36.8 billion.
The deficit with the European Union increased $1.9 billion to $19.5 billion in March. Exports decreased $1.0 billion to $29.6 billion and imports increased $0.9 billion to $49.1 billion.
The deficit with Mexico decreased $1.9 billion to $13.5 billion in March. Exports increased $0.3 billion to $27.9 billion and imports decreased $1.6 billion to $41.3 billion.
All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in exhibits 1-20b of this release. For information on data sources, definitions, and revision procedures, see the explanatory notes in this release. The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services.
