U.S. International Trade in Goods and Services, March 2024

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The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $69.4 billion in March, down $0.1 billion from $69.5 billion in February, revised.

U.S. International Trade in Goods and Services Deficit
Deficit: $69.4 Billion –0.1%°
Exports: $257.6 Billion –2.0%°
Imports: $327.0 Billion –1.6%°

Next release: Thursday, June 6, 2024

(°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, May 2, 2024

Exports, Imports, and Balance (exhibit 1)

March exports were $257.6 billion, $5.3 billion less than February exports. March imports were $327.0 billion, $5.4 billion less than February imports.

The March decrease in the goods and services deficit reflected an increase in the goods deficit of $0.8 billion to $92.5 billion and an increase in the services surplus of $0.9 billion to $23.1 billion.

Year-to-date, the goods and services deficit increased $6.5 billion, or 3.2 percent, from the same period in 2023. Exports increased $9.1 billion or 1.2 percent. Imports increased $15.6 billion or 1.6 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit increased $1.7 billion to $68.8 billion for the three months ending in March.

  • Average exports increased $0.3 billion to $259.2 billion in March.
  • Average imports increased $2.0 billion to $328.1 billion in March.

Year-over-year, the average goods and services deficit increased $2.2 billion from the three months ending in March 2023.

  • Average exports increased $3.0 billion from March 2023.
  • Average imports increased $5.2 billion from March 2023.

Exports (exhibits 3, 6, and 7)

Exports of goods decreased $5.1 billion to $171.3 billion in March.

  Exports of goods on a Census basis decreased $5.2 billion.

  • Capital goods decreased $2.0 billion.
    • Civilian aircraft decreased $1.2 billion.
  • Industrial supplies and materials decreased $1.9 billion.
    • Nonmonetary gold decreased $0.9 billion.
    • Other petroleum products decreased $0.6 billion
    • Crude oil increased $0.6 billion
  • Foods, feeds, and beverages decreased $1.3 billion.
    • Soybeans decreased $0.6 billion.

  Net balance of payments adjustments increased $0.1 billion.

Exports of services decreased $0.2 billion to $86.4 billion in March.

  • Travel decreased $0.2 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods decreased $4.3 billion to $263.8 billion in March.

  Imports of goods on a Census basis decreased $4.2 billion.

  • Automotive vehicles, parts, and engines decreased $4.7 billion.
    • Passenger cars decreased $3.2 billion.
  • Industrial supplies and materials decreased $1.6 billion.
  • Consumer goods increased $3.0 billion.
    • Pharmaceutical preparations increased $2.5 billion.
    • Cell phones and other household goods decreased $1.7 billion.

  Net balance of payments adjustments decreased less than $0.1 billion.

Imports of services decreased $1.1 billion to $63.2 billion in March.

  • Transport decreased $0.7 billion.
  • Travel decreased $0.4 billion.

Real Goods in 2017 Dollars – Census Basis (exhibit 11)

The real goods deficit increased $1.3 billion, or 1.4 percent, to $88.6 billion in March, compared to a 1.1 percent increase in the nominal deficit.

  • Real exports of goods decreased $4.7 billion, or 3.2 percent, to $143.2 billion, compared to a 3.0 percent decrease in nominal exports.
  • Real imports of goods decreased $3.4 billion, or 1.5 percent, to $231.8 billion, compared to a 1.6 percent decrease in nominal imports.

Revisions

Revisions to February exports

  • Exports of goods were revised down $0.3 billion.
  • Exports of services were revised up $0.2 billion.

Revisions to February imports

  • Imports of goods were revised down less than $0.1 billion.
  • Imports of services were revised up $0.5 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)

The March figures show surpluses, in billions of dollars, with Netherlands ($5.4), South and Central America ($4.0), Hong Kong ($2.2), Australia ($1.9), Singapore ($0.8), Belgium ($0.7), United Kingdom ($0.7), and Brazil ($0.6). Deficits were recorded, in billions of dollars, with China ($24.1), European Union ($19.5), Mexico ($13.5), Vietnam ($9.0), Germany ($7.5), Ireland ($6.7), South Korea ($5.6), Taiwan ($5.3), Japan ($5.3), India ($4.0), Canada ($3.8), Italy ($3.7), Malaysia ($2.0), France ($1.7), Switzerland ($1.4), Israel ($0.7), and Saudi Arabia ($0.1).

  • The deficit with China increased $2.2 billion to $24.1 billion in March. Exports decreased $0.5 billion to $12.7 billion and imports increased $1.7 billion to $36.8 billion.
  • The deficit with the European Union increased $1.9 billion to $19.5 billion in March. Exports decreased $1.0 billion to $29.6 billion and imports increased $0.9 billion to $49.1 billion.
  • The deficit with Mexico decreased $1.9 billion to $13.5 billion in March. Exports increased $0.3 billion to $27.9 billion and imports decreased $1.6 billion to $41.3 billion.

All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in exhibits 1-20b of this release. For information on data sources, definitions, and revision procedures, see the explanatory notes in this release. The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services. The full schedule is available in the Census Bureau’s Economic Briefing Room at www.census.gov/economic-indicators/ or on BEA’s website at www.bea.gov/news/schedule.

Next release: June 6, 2024, at 8:30 a.m. EDT
U.S. International Trade in Goods and Services, April 2024

Notice

Upcoming Updates to Goods and Services

With the releases of the “U.S. International Trade in Goods and Services” report (FT-900) and the FT-900 Annual Revision on June 6, 2024, statistics on trade in goods, on both a Census basis and a balance of payments (BOP) basis, and statistics on trade in services will be revised beginning with 2019. The revised statistics for goods on a BOP basis and for services will also be included in the “U.S. International Transactions, 1st Quarter 2024 and Annual Update” report and in the international transactions interactive database, both to be released by BEA on June 20, 2024.

Revised statistics on trade in goods will reflect:

  • Corrections and adjustments to previously published not seasonally adjusted statistics for goods on a Census basis.
  • End-use reclassifications of several commodities.
  • Recalculated seasonal and trading-day adjustments.
  • Newly available and revised source data on BOP adjustments, which are adjustments that BEA applies to goods on a Census basis to convert them to a BOP basis. See the “Goods (balance of payments basis)” section in the explanatory notes for more information.

Revised statistics on trade in services will reflect:

  • An improved estimation method for transport services.
  • Newly available and revised source data, primarily from BEA surveys of international services.
  • Recalculated seasonal adjustments.
  • Revised temporal distributions of quarterly source data to monthly statistics. See the “Services” section in the explanatory notes for more information.

For more information, see “Preview of the 2024 Annual Update of the International Economic Accounts” in the Survey of Current Business.

If you have questions or need additional information, please contact the Census Bureau, Economic Indicators Division, International Trade Macro Analysis Branch, on (800) 549-0595, option 4, or at eid.international.trade.data@census.gov or BEA, Balance of Payments Division, at InternationalAccounts@bea.gov.

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