U.S. Trade Deficit Decreases as March Exports Reach $193.9 billion

According to the U.S. Census Bureau and the U.S. Bureau of Economic Analysis, exports totaled $193.9 billion, while imports totaled $234.3 billion causing the U.S. trade deficit to decrease in March to $40.4 billion. The U.S. trade deficit decreased $1.5 billion compared to February of this year. Further, “exports were up $9.2 billion, or 5%, and imports were up $13 billion, or 5.9%”.

An increase in exports of goods was realized in capital goods, industrial supplies and materials, automotive vehicles, parts, and engines, other goods, and foods, feeds, and beverages. Exports of consumer goods decreased in March. Compared to February, March imports increased in consumer goods, foods, feeds, and beverages, capital goods, and other goods. For the same time period, imports of industrial supplies and materials decreased, while automotive vehicles, parts, and engines remained unchanged.

Compared to 2013, exports of capital goods, consumer goods, foods, feeds, and beverages, and automotive vehicles, parts, and engines increased for March 2014. However, exports of industrial supplies and materials as well as other goods decreased. For the same time period, imports of consumer goods, capital goods, automotive vehicles, parts, and engines, foods, feeds, and beverages, industrial supplies and materials increased.

According to the U.S. Census Bureau and the U.S. Bureau of Economic Analysis, “The goods deficit with the European Union increased from $9.1 billion in February to $11.5 billion in March. Exports increased $3.6 billion to $24.6 billion, and imports increased $6.0 billion to $36.1 billion”. Conversely, the U.S. goods deficit with China decreased when U.S. exports to China out-shined imports by $0.5 billion. However, the total goods deficit with China is $20.4 billion for the month of March. U.S. imports from Mexico were greater than U.S. exports, increasing the U.S. – Mexico goods deficit to $5.1 billion.

U.S. Bureau of Economic Analysis: International Trade in Goods and Services