The US Census Bureau and the US Bureau of Economic Analysis, through the Department of Commerce, announced Tuesday that total March exports of $193.9 billion and imports of $234.3 billion resulted in a goods and services deficit of $40.4 billion, down from $41.9 billion in February, revised. March exports were $3.9 billion more than February exports of $190.0 billion. March imports were $2.5 billion more than February imports of $231.8 billion.
In March, the goods deficit decreased $0.6 billion from February to $60.7 billion, and the services surplus increased $0.9 billion from February to $20.4 billion. Exports of goods increased $3.7 billion to $135.1 billion, and imports of goods increased $3.1 billion to $195.8 billion. Exports of services increased $0.2 billion to $58.8 billion, and imports of services decreased $0.7 billion to $38.4 billion. The goods and services deficit increased $3.8 billion from March 2013 to March 2014. Exports were up $9.2 billion, or 5.0 percent, and imports were up $13.0 billion, or 5.9 percent.
The February to March increase in exports of goods reflected increases in capital goods ($2.1 billion); industrial supplies and materials ($0.9 billion); automotive vehicles, parts, and engines ($0.6 billion); other goods ($0.3 billion); and foods, feeds, and beverages ($0.1 billion). A decrease occurred in consumer goods ($0.3 billion). The February to March increase in imports of goods reflected increases in consumer goods ($1.2 billion); foods, feeds, and beverages ($1.0 billion); capital goods ($0.9 billion); and other goods ($0.8 billion). A decrease occurred in industrial supplies and materials ($0.5 billion). Automotive vehicles, parts, and engines were virtually unchanged.
The March 2013 to March 2014 increase in exports of goods reflected increases in capital goods ($2.8 billion); consumer goods ($1.5 billion); foods, feeds, and beverage ($1.5 billion); and automotive vehicles, parts, and engines ($0.6 billion). Decreases occurred in industrial supplies and materials ($0.6 billion) and other goods ($0.2 billion). The March 2013 to March 2014 increase in imports of goods reflected increases in consumer goods ($4.1 billion); capital goods ($3.2 billion); automotive vehicles, parts, and engines ($1.6 billion); and foods, feeds, and beverages ($1.0 billion).