The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $49.0 billion in March, down $8.8 billion from $57.7 billion in February, revised.

Exports, Imports, and Balance (Exhibit 1)

March exports were $208.5 billion, $4.2 billion more than February exports. March imports were $257.5 billion, $4.6 billion less than February imports.

The March decrease in the goods and services deficit reflected a decrease in the goods deficit of $7.5 billion to $69.5 billion and an increase in the services surplus of $1.3 billion to $20.5 billion.

Year-to-date, the goods and services deficit increased $25.5 billion, or 18.5 percent, from the same period in 2017. Exports increased $39.2 billion or 6.8 percent. Imports increased $64.7 billion or 9.1 percent.

Exports (Exhibits 3, 6, and 7)

Exports of goods increased $3.7 billion to $140.9 billion in March.

Exports of goods on a Census basis increased $3.9 billion.

• Capital goods increased $1.9 billion.
  • Civilian aircraft increased $1.9 billion.
• Foods, feeds, and beverages increased $1.0 billion.
  • Soybeans increased $0.5 billion.
  • Corn increased $0.3 billion.
• Industrial supplies and materials increased $0.9 billion.
  • Crude oil increased $0.4 billion.
  • Other petroleum products increased $0.3 billion.

Exports of services increased $0.4 billion to $67.6 billion in March.

• Maintenance and repair services increased $0.1 billion.
• Travel (for all purposes including education) increased $0.1 billion.
• Transport increased $0.1 billion.

Imports (Exhibits 4, 6, and 8)

Imports of goods decreased $3.7 billion to $210.4 billion in March.

Imports of goods on a Census basis decreased $3.6 billion.

• Capital goods decreased $1.5 billion.
  • Computer accessories decreased $0.5 billion.
  • Telecommunications equipment decreased $0.5 billion.
  • Semiconductors decreased $0.5 billion.
• Consumer goods decreased $0.9 billion.
  • Toys, games, and sporting goods decreased $0.7 billion.
  • Televisions and video equipment decreased $0.7 billion.
• Industrial supplies and materials decreased $0.7 billion.
  • Crude oil decreased $0.5 billion.

Imports of services decreased $0.9 billion to $47.1 billion in March.

• Charges for the use of intellectual property decreased $0.9 billion. Charges for February included payments for the rights to broadcast the 2018 Winter Olympic Games.
• Transport decreased $0.1 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis (Exhibit 19)
The March figures show surpluses, in billions of dollars, with Hong Kong ($3.3), South and Central America ($3.1), United Kingdom ($1.2), Brazil ($0.8), and Singapore ($0.3). Deficits were recorded, in billions of dollars, with China ($35.4), European Union ($12.4), Mexico ($7.0), Japan ($5.9), Germany ($5.0), Italy ($2.3), France ($1.5), OPEC ($1.4), India ($1.4), Taiwan ($1.3), South Korea ($1.2), Saudi Arabia ($0.3), and Canada ($0.2).

• The deficit with Germany decreased $1.6 billion to $5.0 billion in March. Exports increased $0.4 billion to $5.1 billion and imports decreased $1.2 billion to $10.1 billion.
• The deficit with members of OPEC decreased $0.8 billion to $1.4 billion in March. Exports increased $0.4 billion to $4.9 billion and imports decreased $0.4 billion to $6.3 billion.
• The deficit with China increased $0.7 billion to $35.4 billion in March. Exports increased $1.6 billion to $12.4 billion and imports increased $2.3 billion to $47.7 billion.