Updated: 06-May-25 09:04 ET

March Trade Balance

Updated: 06-May-25 09:04 ET

Highlights

• The trade deficit widened to a record $140.5 billion in March (Briefing.com consensus -$127.5 billion) from a downwardly revised $123.2 billion (from -$122.7 billion) in February.
• The widening was the result of March exports being $0.5 billion more than February exports and March imports being $17.8 billion more than February imports.

Key Factors

• Exports of industrial supplies and materials increased $2.2 billion.
• Exports of automotive vehicles, parts, and engines increased $1.2 billion.
• Exports of capital goods decreased $1.5 billion.
• Imports of capital goods increased $3.7 billion.
• Imports of automotive vehicles, parts, and engines increased $2.6 billion.
• The real goods deficit increased $14.0 billion, or 10.2%, to $150.9 billion in March.

Big Picture

• The key takeaway from the report is the surge in imports, which detracted sharply from Q1 GDP, and was highlighted by a $22.5 billion increase in imports of consumer goods that was led by a $20.9 billion increase in pharmaceutical preparations.

Category	MAR	FEB	JAN	DEC	NOV
Trade Deficit	-$140.5B	-$123.2B	-$130.7B	-$98.1B	-$78.2B
Exports	$278.5B	$278.0B	$270.5B	$266.5B	$273.6B
Imports	$419.0B	$401.2B	$401.2B	$364.6B	$351.8B