05/02/2024 | Press release | Distributed by Public on 05/02/2024 06:32
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.
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.
Year-over-year, the average goods and services deficit increased $2.2 billion from the three months ending in 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.
Net balance of payments adjustments increased $0.1 billion.
Exports of services decreased $0.2 billion to $86.4 billion in March.
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.
Net balance of payments adjustments decreased less than $0.1 billion.
Imports of services decreased $1.1 billion to $63.2 billion in March.
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.
Revisions
Revisions to February exports
Revisions to February imports
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).
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
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:
Revised statistics on trade in services will reflect:
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 [email protected] or BEA, Balance of Payments Division, at [email protected].