International Trade Balance Narrowed in March

The U.S. international trade deficit narrowed slightly in March to $43.7 billion, down from $43.8 billion in February, according to the U.S. Census Bureau and the U.S. Bureau of Economic Analysis. The overall decrease reflected a $1.7 billion decrease in exports along with a $1.7 billion decrease in imports.

The goods deficit decreased $0.3 billion to $65.5 billion, while the services surplus increased $0.4 billion to $21.8 billion.

Exports of goods decreased just over $2.0 billion to $126.3 billion in March, driven by a $0.6 billion decline in oil and $0.6 billion reduction in petroleum products. Exports of services increased $0.3 billion to $64.7 billion.

Imports of goods decreased $1.7 billion to $191.8 billion, mostly due to a decrease in capital goods, which fell by $0.9 billion. Imports of services decreased less than $0.1 billion to $43.0 billion in March.

Read the Census/BEA release.