by Calculated Risk on 5/06/2025 08:30:00 AM

The Census Bureau and the Bureau of Economic Analysis reported:

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $140.5 billion in March, up $17.3 billion from $123.2 billion in February, revised.

March exports were $278.5 billion, $0.5 billion more than February exports. March imports were $419.0 billion, $17.8 billion more than February imports.
emphasis added

Click on graph for larger image.

Exports and imports increased in March.

Exports were up 6.7% year-over-year; imports were up 27.1% year-over-year.

Exports have generally increased recently, and imports increased sharply as importers rushed to beat tariffs.

The second graph shows the U.S. trade deficit, with and without petroleum.

The blue line is the total deficit, and the black line is the petroleum deficit, and the red line is the trade deficit ex-petroleum products.

Note that net,

Keep reading this article on Bill McBride - Calculedriskblog.