Trade Deficit increased to $140.5 Billion in March

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

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, exports of petroleum products are positive and have been increasing.

The trade deficit with China increased to $17.9 billion from $17.2 billion a year ago.  

The surge in imports in January through March happened as some importers were avoiding the coming tariffs.