March 2024 Trade Gap is $69.4 Billion

May 2, 2024

The U.S. goods and services trade deficit decreased from $69.5 billion in February (revised) to $69.4 billion in March, as imports decreased more than exports. The goods deficit increased $0.8 billion to $92.5 billion, and the services surplus increased $0.9 billion to $23.1 billion.

Exports of goods and services decreased $5.3 billion, or 2.0 percent, in March to $257.6 billion. Exports of goods decreased $5.1 billion, and exports of services decreased $0.2 billion.

• The decrease in exports of goods reflected decreases in capital goods ($2.0 billion), in industrial supplies and materials ($1.9 billion), and in foods, feeds, and beverages ($1.3 billion).
• The decrease in exports of services reflected a decrease in travel ($0.2 billion). Imports of goods and services decreased $5.4 billion, or 1.6 percent, in March to $327.0 billion.

Imports of goods decreased $4.3 billion, and imports of services decreased $1.1 billion.

• The decrease in imports of goods reflected decreases in automotive vehicles, parts, and engines ($4.7 billion) and in industrial supplies and materials ($1.6 billion). An increase in consumer goods ($3.0 billion) partly offset the decreases.
• The decrease in imports of services reflected decreases in transport ($0.7 billion) and in travel ($0.4 billion).

Real, or inflation-adjusted, statistics are also available for trade in goods (Census basis). The real goods deficit increased 1.4 percent in March, compared to a 1.1 percent increase in the nominal deficit. Real exports of goods decreased 3.2 percent, compared to a 3.0 percent decrease in nominal exports. Real imports of goods decreased 1.5 percent, compared to a 1.6 percent decrease in nominal imports.

For more information, read the full release.