The U.S. international trade deficit narrowed in March to $40.4 billion, down $6.5 billion from February. The narrowing of the balance was driven by an $8.1 billion decrease in imports, which was partially offset by a $1.5 billion decrease in exports.
The goods deficit fell $6.0 billion to $58.5 billion, while the services surplus increased $0.5 billion to $18.1 billion. The petroleum deficit narrowed by $0.7 billion to $8.1 billion.
Exports of goods fell $1.8 billion to $116.8 billion, driven largely by a $1.6 billion decrease in exports of consumer goods, and a $0.8 billion decline in industrial supplies and materials. Exports of services increased $0.3 billion to $59.8 billion, largely on account of travel services.
Imports of goods fell $7.9 billion to $175.3 billion, primarily due to a $5.1 billion decline in consumer goods. Imports of services fell $0.2 billion to $41.7 billion due to a decline in transport services.
Read the Census/BEA release.