US Goods and services trade deficit
- The U.S. goods and services deficit in March 2023 was $64.2 billion, down $6.4 billion from February.
- March exports were $256.2 billion, $5.3 billion more than February exports, while imports were $320.4 billion, $1.1 billion less than February imports.
- The decrease in the deficit was driven by a decrease in the goods deficit of $6.4 billion and a marginal decrease in the services surplus.
- Year-to-date, the deficit decreased by $77.6 billion (27.6%), with exports increasing and imports decreasing.
- The average goods and services deficit for the three months ending in March was $67.8 billion.
- Exports of goods increased, particularly in industrial supplies, materials, and automotive vehicles, while exports of services remained relatively stable.
- Imports of goods decreased, mainly in capital goods, industrial supplies, and petroleum products, while imports of services saw a slight increase.
- The real goods deficit decreased in both nominal and real terms, with increases in real exports and slight increases in real imports.
- The deficit with the European Union and China decreased, while the deficit with Canada increased.
SUMMARY: In March 2023, the goods and services deficit in the United States decreased to $64.2 billion, down $6.4 billion from February. This decline was driven by a decrease in the goods deficit and a slight decrease in the services surplus. March exports increased by $5.3 billion, while imports decreased by $1.1 billion compared to February. On a year-to-date basis, the goods and services deficit decreased by $77.6 billion. The average deficit over the three-month period ending in March was $67.8 billion. Notably, the deficit with the European Union decreased, while the deficit with China and Canada saw changes in opposite directions. These statistics, adjusted for seasonality, indicate trends in the U.S. international trade landscape.