May 04, 2021

The U.S. Bureau of Economic Analysis indicated that, “goods and services deficit was $74.4 billion in March, up $3.9 billion from $70.5 billion in February, revised.”

March exports amounted to $200.0 billion, which was more than February exports by $12.4 billion, whereas, March imports amounted to $274.5 billion which was $16.4 billion more than February imports.

BEA also noted that, “the March increase in the goods and services deficit reflected an increase in the goods deficit of $3.6 billion to $91.6 billion and a decrease in the services surplus of $0.3 billion to $17.1 billion.”

Year to date compared with that of 2020, there was a 64.2% or $83.2 billion increase in the goods and services deficit. Moreover, exports fell $21.0 billion or 3.5%. Imports rose $62.2 billion or 8.5%.

Three-Month Moving Averages

For the three months ended in March, the average goods and services deficit rose $2.5 billion to $70.9 billion. This was due to a $3.3 billion increase in average exports to $193.3 billion in March and a $5.8 billion increase in average imports to $264.2 billion in March.

Exports of goods rose $11.7 billion to $142.9 billion in March. These consists of industrial supplies and materials, capital goods and consumer goods which increased by $5.2 billion, $2.9 billion and $2.0 billion, respectively. Additionally, export of services rose $0.8 billion to $57.1 billion in March. Of the services exported, travel, transport and financial services increased $0.4 billion, $0.3 billion and $0.1 billion.

Imports of goods increased $15.3 billion to $234.4 billion in March. As for imports of goods; consumer goods, and industrial supplies and materials, capital goods and automotive vehicles, parts, and engines increased $4.5 billion, $3.7 billion, $3.3 billion and $2.0 billion, respectively. Besides, imports of services increased by $1.1 billion to $40.0 billion in March. Of this, transport increased $0.9 billion and travel rose $0.1 billion.

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