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Thursday, May 4, 2023 Services: 301-278-9003 Goods: 301-763-2311 March 2023 Trade Gap is $64.2 Billion U.S. International Trade in Goods and Services The U.S. goods and services trade deficit decreased from $70.6 billion in February (revised) to $64.2 billion in March, as exports increased and imports decreased. The goods deficit decreased $6.4 billion to $86.6 billion, and the services surplus decreased less than $0.1 billion to $22.4 billion. Monthly Goods and Services Trade Deficit January 2014–March 2023 Billions of dollars 120 110 100 90 80 70 60 50 40 30 20 10 0 2014 2015 2016 U.S. Bureau of Economic Analysis U.S. Census Bureau 2017 2018 2019 2020 2021 2022 2023 Seasonally adjusted current dollars Exports of goods and services increased $5.3 billion, or 2.1 percent, in March to $256.2 billion. Exports of goods increased $5.2 billion, and exports of services increased $0.1 billion. • The increase in exports of goods reflected increases in industrial supplies and materials ($3.9 billion) and in automotive vehicles, parts, and engines ($0.7 billion). • The increase in exports of services reflected increases in travel ($0.2 billion) and in other business services ($0.1 billion). A decrease in transport ($0.2 billion) partly offset the increases. Imports of goods and services decreased $1.1 billion, or 0.3 percent, in March to $320.4 billion. Imports of goods decreased $1.2 billion, and imports of services increased $0.1 billion. • The decrease in imports of goods reflected decreases in capital goods ($1.9 billion) and in industrial supplies and materials ($1.4 billion). An increase in consumer goods ($2.4 billion) partly offset the decreases. • The increase in imports of services reflected an increase in travel ($0.7 billion). A decrease in transport ($0.6 billion) partly offset the increase. Real, or inflation-adjusted, statistics are also available for trade in goods. The real goods deficit decreased 4.4 percent in March, compared to a 7.0 percent nominal decrease. Real exports of goods increased 3.5 percent, compared to a 3.0 percent nominal increase. Real imports of goods increased 0.3 percent, compared to a 0.5 percent nominal decrease. For more detailed information on trade by type of good or service and with major trading partners, see “U.S. International Trade in Goods and Services, March 2023.” U.S. Bureau of Economic Analysis statistics—including gross domestic product, personal income, the balance of payments, foreign direct investment, the Input-Output Accounts, and economic statistics for states, local areas, and industries—are available at www.bea.gov. E-mail alerts are also available. Note. The next release of U.S. international trade in goods and services will be on June 7, 2023. U.S. Bureau of Economic Analysis and U.S. Census Bureau
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