The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $43.7 billion in March, down $0.1 billion from $43.8 billion in February, revised. March exports were $191.0 billion, $1.7 billion less than February exports. March imports were $234.7 billion, $1.7 billion less than February imports.

The March decrease in the goods and services deficit reflected an increase in the goods deficit of $0.4 billion to $65.5 billion and an increase in the services surplus of $0.4 billion to $21.8 billion.

Exports (Exhibits 3, 6, and 7 in the FT-900)

Exports of goods decreased $2.1 billion to $126.3 billion in March.

Exports of goods on a Census basis decreased $1.8 billion.

• Industrial supplies and materials decreased $1.8 billion.
  •  Fuel oil decreased $0.6 billion.
  • Other petroleum products decreased $0.6 billion.
• Automotive vehicles, parts, and engines decreased $0.9 billion.
  • Passenger cars decreased $0.8 billion.
• Capital goods increased $0.7 billion.
  • Civilian aircraft engines increased $0.4 billion.
  • Telecommunications equipment increased $0.4 billion.

Exports of services increased $0.4 billion to $64.7 billion in March.

• Financial services increased $0.1 billion.
• Maintenance and repair services increased $0.1 billion.

Imports (Exhibits 4, 6, and 8 in the FT-900)

Imports of goods decreased $1.7 billion to $191.8 billion in March.

Imports of goods on a Census basis decreased $1.7 billion.

• Capital goods decreased $0.9 billion.
  • Civilian aircraft decreased $0.3 billion.
  • Computers decreased $0.2 billion.
• Industrial supplies and materials decreased $0.7 billion.
  • Crude oil decreased $0.6 billion.
  • Other petroleum products decreased $0.4 billion.
• Automotive vehicles, parts, and engines increased $1.1 billion.
  • Passenger cars increased $1.1 billion.

Imports of services decreased less than $0.1 billion to $42.9 billion in March.

• Transport, which includes freight and port services and passenger fares, decreased $0.1 billion.

Goods by Selected Countries and Areas: Census Basis (Exhibit 19)

The March figures show surpluses, in billions of dollars, with Hong Kong ($2.9), South and Central America ($2.6), Singapore ($0.5), United Kingdom ($0.5), and Brazil ($0.2). Deficits were recorded, in billions of dollars, with China ($31.4), European Union ($10.0), Mexico ($6.5), Japan ($6.5), Germany ($5.0), South Korea ($2.5), Italy ($2.1), Canada ($1.9), India ($1.7), OPEC ($1.6), Taiwan ($1.1), Saudi Arabia ($0.8), and France ($0.1).

• The deficit with Japan increased $1.6 billion to $6.5 billion in March. Exports decreased $0.2 billion to $5.3 billion and imports increased $1.4 billion to $11.8 billion.
• The deficit with South Korea increased $0.6 billion to $2.5 billion in March. Exports increased $0.1 billion to $3.9 billion and imports increased $0.8 billion to $6.5 billion.
• The deficit with France decreased $1.2 billion to $0.1 billion in March. Exports increased $0.6 billion to $3.3 billion and imports decreased $0.6 billion to $3.5 billion.

NOTE: All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified.