April 6, 2022
According to the U.S. Census Bureau and the U.S. Bureau of Economic Analysis goods and services deficit was $109.8 billion in March, $20 billion more than the $89.8 billion booked in February, revised.
It was noted, March exports increased by $12.9 billion to $241.7 billion when compared to February exports. March imports were $351.5 billion, up $32.9 billion from February imports.
In March the goods and services deficits rose and reflected a $20.4 billion increase in the goods deficit to $128.1 billion and a $0.4 billion increase in the services surplus to $18.3 billion. Year to date, the goods and services deficit has climbed by $84.8 billion, or 41.5%, compared to the same period in 2021. Exports climbed by $104.5 billion, or 17.7%. Imports climbed by $189.3 billion, or 23.8%.
Three-Month Moving Averages
For the three months ending in March, the average goods and services deficit rose by $9.3 billion to $96.3 billion. In March, the average exports grew by $4.5 billion to $231.7 billion and the average Imports climbed by $13.7 billion in March to $328.0 billion on average.
In the same month exports of goods on a Census basis grew by $11.0 billion, of this the value of industrial supplies and materials grew by $7.4 billion and automotive vehicle, parts and engines increased by $1.0 billion.
In March exports of services in grew by $1.2 billion to $71.1 billion. Transport climbed by $0.5 billion. Travel rose by $0.4 billion. Financial services increased by $0.2 billion. Other business services gained by $0.1 billion.
In March imports of goods increased by $32.0 billion to $298.8 billion. Census-based imports of goods by $31.5 billion, of this, industrial supplies and materials rose by $11.3 billion. Consumer goods climbed by $10.0 billion, capital goods climbed by $5.2 billion and automotive vehicles, parts, and engines increased by $3.2 billion.
Service imports rose by $0.9 billion to $52.7 billion, mainly due to a $1.2 billion in transportation and $0.8 increase in travel, however offset by a $1.2 billion decline in changes for the use of intellectual property.
Notably, the real goods deficit increased $21.9 billion to $137.8 billion in March. Real exports of goods increased $3.8 billion to $150.2 billion. Real imports of goods increased $25.7 billion to $288.0 billion.
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