The monthly U.S. trade deficit in goods and services fell 9.1 percent in March as exports rose but imports fell.
Imports slid 0.3 percent from February to $320.4 billion. Imports of goods were down 0.5 percent to $260.9 billion, with decreases of $1.5 billion for cell phones and other household goods, $900 million for other petroleum products, and $600 million for semiconductors as well as increases of $1.3 billion for finished metal shapes, $800 million for drugs, and $600 million for other textile, apparel, and household goods. Services imports were up 0.2 percent to $59.5 billion.
Exports gained 2.1 percent in March to $256.2 billion. Exports of goods were up 3.1 percent to $174.3 billion, with increases of $2.5 billion for crude oil, $1.1 billion for fuel oil, and $600 million for natural gas liquids along with a decrease of $1.0 billion for non-monetary gold. Services exports were up 0.1 percent to a record $81.8 billion.
With exports up and imports down, the monthly U.S. trade deficit decreased from $70.6 billion in February to $64.2 billion in March. The deficit in goods trade was down 6.9 percent to $86.6 billion while the services trade surplus slipped 0.4 percent to $22.4 billion.
For the year to date, the total U.S. trade deficit is down 27.6 percent for the same period in 2022, with exports up 8.7 percent and imports down 1.6 percent.
|
Country/region
|
Deficit
|
% Change
|
Surplus
|
% Change
|
|
China
|
$22.9 billion
|
-9.1
|
|
|
|
European Union
|
$15.6 billion
|
-13.8
|
|
|
|
Mexico
|
$11.6 billion
|
-3.3
|
|
|
|
Canada
|
$7.7 billion
|
+37.5
|
|
|
|
Vietnam
|
$7.5 billion
|
-7.4
|
|
|
|
Germany
|
$6.3 billion
|
-20.3
|
|
|
|
Japan
|
$5.9 billion
|
+3.5
|
|
|
|
Ireland
|
$5.7 billion
|
+54.1
|
|
|
|
Italy
|
$4.0 billion
|
+17.6
|
|
|
|
Taiwan
|
$3.6 billion
|
-23.4
|
|
|
|
South Korea
|
$3.6 billion
|
-20.0
|
|
|
|
India
|
$3.1 billion
|
-16.2
|
|
|
|
Malaysia
|
$2.8 billion
|
0
|
|
|
|
Switzerland
|
$2.1 billion
|
+23.5
|
|
|
|
France
|
$0.9 billion
|
+50.0
|
|
|
|
Saudi Arabia
|
$0.4 billion
|
-42.9
|
|
|
|
Israel
|
$0.5 billion
|
-16.7
|
|
|
|
Singapore
|
$0.2 billion
|
Shift from $0.2 billion surplus
|
|
|
|
South/Central America
|
|
|
$5.7 billion
|
+21.3
|
|
Netherlands
|
|
|
$4.0 billion
|
+122.2
|
|
Belgium
|
|
|
$2.1 billion
|
+31.3
|
|
Australia
|
|
|
$1.7 billion
|
+13.3
|
|
Hong Kong
|
|
|
$1.6 billion
|
-36.0
|
|
United Kingdom
|
|
|
$1.2 billion
|
+140.0
|
|
Brazil
|
|
|
$1.1 billion
|
+22.2
|
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