Background

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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