Background

The U.S. trade deficit in goods and services rose 1.4 percent in March, according to trade statistics released May 9 by the Department of Commerce. The monthly deficit of $50.0 billion reflected a 1.0 percent increase in exports to $212.0 billion and a 1.1 percent rise in imports to $262.0 billion. For the year to date the deficit was down 3.7 percent from the same period in 2018 as a 2.3 percent increase in exports outpaced a 1.1 percent increase in imports.

The deficit in goods trade edged up 0.7 percent to $72.4 billion in March. Imports of goods rose 1.2 percent to $214.1 billion, including a $1.4 billion increase in crude oil; a $1.0 billion increase in foods, feeds, and beverages; and a $500 million increase in organic chemicals. Exports of goods were up 1.4 percent to $141.7 billion, including increases of $800 million in foods, feeds, and beverages; $400 million in natural gas liquids; and $300 million each in fuel oil, metallurgical grade coal, and other petroleum products.

The services surplus slipped 0.9 percent to $22.4 billion. Imports were up 0.4 percent to $47.8 billion while exports rose less than 0.1 percent to $70.3 billion.

Country/region

Deficit

% Change

Surplus

% Change

China

$28.3 billion

-6.0

   

European Union

$15.8 billion

+27.4

   

Mexico

$8.6 billion

+11.7

   

Japan

$6.1 billion

-9.0

   

Germany

$5.7 billion

+3.6

   

Italy

$2.8 billion

0

   

Canada

$2.1 billion

Shift from $0.4 billion surplus

   

Taiwan

$2.0 billion

+33.3

   

South Korea

$1.8 billion

-25.0

   

India

$1.8 billion

-18.2

   

France

$1.7 billion

-22.7

   

United Kingdom

$0.2 billion

Shift from $0.9 billion surplus

   

South/Central America

   

$4.2 billion

+13.5

Hong Kong

   

$2.4 billion

-14.3

Brazil

   

$0.9 billion

+50.0

Saudi Arabia

   

$0.3 billion

Shift from $0.3 billion deficit

Singapore

   

$0.2 billion

-50.0

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