U.S. International Trade in Goods and Services up 20 billion in March 2022

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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