The monthly U.S. trade deficit in goods and services jumped 14.0 percent in March to the second all-time high this year as imports surged ahead of increases in U.S. tariffs that took effect in April. Individual deficits with Mexico, Ireland, France, India, and Vietnam also hit record highs, as did imports from nearly a dozen countries.
Imports rose 4.4 percent from February to March, to a record $419.0 billion. Imports of goods were up 5.4 percent to $346.8 billion, also a record, with increases of $20.9 billion for pharmaceutical preparations, $2.1 billion for passenger cars, and $2.0 billion for computer accessories along with decreases of $10.3 billion for finished metal shapes and $1.8 billion for non-monetary gold. Services imports slipped 0.1 percent to $72.2 billion.
Exports edged up 0.2 percent in March to $278.5 billion, the highest ever. Exports of goods rose 0.7 percent to $183.2 billion, with increases of $900 million for passenger cars, $800 million for natural gas, and $700 million for non-monetary gold along with decreases of $1.8 billion for civilian aircraft and $700 million for computer accessories. Services exports were down 0.9 percent to $95.2 billion.
The monthly U.S. trade deficit jumped from $122.7 billion in February to $140.5 billion in March. The deficit in goods trade was up 11.2 percent to a record $163.5 billion while the services trade surplus fell 3.4 percent to $23.0 billion.
For the year to date the U.S. trade deficit was up 92.6 percent from the same period in 2024 as imports rose 23.3 percent and exports gained 5.2 percent.
For the month of March 2025, trade deficits and surpluses with major trading partners were as follows.
|
Country/region
|
Deficit
|
% Change
|
Surplus
|
% Change
|
|
European Union
|
$48.3 billion
|
+56.3
|
|
|
|
Ireland
|
$29.3 billion
|
+109.3
|
|
|
|
China
|
$24.8 billion
|
-6.8
|
|
|
|
Mexico
|
$16.8 billion
|
0
|
|
|
|
Switzerland
|
$14.7 billion
|
-21.8
|
|
|
|
Vietnam
|
$14.1 billion
|
+13.7
|
|
|
|
Taiwan
|
$8.7 billion
|
0
|
|
|
|
India
|
$7.7 billion
|
+37.5
|
|
|
|
Germany
|
$7.5 billion
|
-7.4
|
|
|
|
South Korea
|
$6.8 billion
|
+51.1
|
|
|
|
Japan
|
$5.8 billion
|
+11.5
|
|
|
|
Canada
|
$4.9 billion
|
-32.9
|
|
|
|
Italy
|
$4.4 billion
|
-13.7
|
|
|
|
France
|
$3.9 billion
|
+290
|
|
|
|
Malaysia
|
$3.2 billion
|
+3.2
|
|
|
|
Australia
|
$1.0 billion
|
-52.4
|
|
|
|
Israel
|
$1.0 billion
|
+42.9
|
|
|
|
Belgium
|
$0.1 billion
|
Shift from $0.8 billion surplus
|
|
|
|
Netherlands
|
|
|
$4.5 billion
|
+9.8
|
|
South/Central America
|
|
|
$3.6 billion
|
-33.3
|
|
Hong Kong
|
|
|
$1.9 billion
|
-20.8
|
|
United Kingdom
|
|
|
$1.2 billion
|
-64.7
|
|
Brazil
|
|
|
$0.5 billion
|
+20.0
|
|
Singapore
|
|
|
$0.5 billion
|
Shift from $1.5 billion deficit
|
|
Saudi Arabia
|
|
|
$0.2 billion
|
0
|
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