Trade Deficit Steady as Imports, Exports Both Tumble

The monthly U.S. trade deficit in goods and services was virtually unchanged in March as imports and exports both fell.

Imports were down 1.6 percent, to $327.0 billion, from February to March. Imports of goods slid 1.6 percent to $263.8 billion, with decreases of $3.2 billion for passenger cars, $1.7 billion for cell phones and other household goods, and $1.6 billion for industrial supplies and materials, along with an increase of $2.5 billion for pharmaceutical preparations. Services imports tumbled 1.7 percent to $63.2 billion.

Exports declined 2.0 percent in March to $257.6 billion. Exports of goods slumped 2.9 percent to $171.3 billion, with decreases of $1.2 billion for civilian aircraft, $900 million for non-monetary gold, and $600 million for soybeans, along with an increase of $600 million for crude oil. Services exports were down 0.2 percent to $86.4 billion.

With exports and imports both down, the monthly U.S. trade deficit moved from $69.5 billion in February to $69.4 billion in March. The deficit in goods trade rose 0.9 percent to $92.5 billion while the services trade surplus was up 4.1 percent to $23.1 billion.