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- US: Goods and services deficit narrows to $64.2 billion in March vs. $63.3 billion expected
US: Goods and services deficit narrows to $64.2 billion in March vs. $63.3 billion expected
- US Goods and Services Trade Balance came in at -$64.2 billion in March.
The goods and services deficit was $64.2 billion in March, down $6.4 billion from $70.6 billion in February, the US Bureau of Economic Analysis revealed on Thursday. This reading came in slightly above the market expectation for a deficit of $63.3 billion.
Key takeaways from the report:
March exports were $256.2 billion, $5.3 billion more than February exports. March imports were $320.4 billion, $1.1 billion less than February imports.
The March decrease in the goods and services deficit reflected a decrease in the goods deficit of $6.4 billion to $86.6 billion and a decrease in the services surplus of less than $0.1 billion to $22.4 billion.
Year-to-date, the goods and services deficit decreased $77.6 billion, or 27.6 percent, from the same period in 2022. Exports increased $61.4 billion or 8.7 percent. Imports decreased $16.2 billion or 1.6 percent.
Exports of goods increased $5.2 billion to $174.3 billion in March.
Imports of goods decreased $1.2 billion to $260.9 billion in March.
Exports of services increased $0.1 billion to $81.8 billion in March.
Imports of services increased $0.1 billion to $59.5 billion in March.
The deficit with China decreased $2.3 billion to $22.9 billion in March. Exports increased $1.3 billion to $14.4 billion and imports decreased $0.9 billion to $37.3 billion.
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