The U.S. trade deficit in March came in at $60.3 billion, matching market expectations and showing a stable trend without significant shocks.
The U.S. Census Bureau and the Bureau of Economic Analysis (BEA) announced Monday that the goods and services trade deficit stood at $60.3 billion in March. The figure marked an increase of $2.5 billion, or 4.4%, from the revised previous month's estimate of $57.8 billion, but was in line with the market consensus of $61 billion.
Imports grew faster than exports. March exports rose $6.2 billion from the previous month to $320.9 billion, while imports increased $8.7 billion to $381.2 billion. The import growth rate of 2.3% outpaced the export growth rate of 2.0%, slightly widening the deficit. The goods deficit rose $4.1 billion to $88.7 billion, while the services surplus increased $1.6 billion to $28.4 billion.
The increase in imports was led by the automotive sector. Imports of automobiles, parts and engines surged $3.6 billion from the previous month, with passenger vehicle imports alone rising $2.8 billion. Analysts say the figures reflect pull-forward demand ahead of the Trump administration's auto tariffs, which took effect in April.
On the export side, energy led the gains. Energy exports rose across the board, with crude oil up $2.8 billion, other petroleum products up $1.7 billion and fuel oil up $1.6 billion. Consumer goods exports, by contrast, fell $1.7 billion, while travel services exports declined $1.1 billion, dragging overall services exports down by $300 million.
While the monthly figures worsened, the trend line still points toward improvement. The three-month moving average deficit through March stood at $57.6 billion, down $4.2 billion from the previous month. Compared with the same period a year earlier, the reduction in the deficit is even more pronounced. The cumulative deficit for January through March fell $211.2 billion, or 55.0%, from the same period last year. However, caution is needed in making simple comparisons, as the first quarter of 2025 was a period when the deficit soared to record levels as companies rushed to bring in imports ahead of Trump's tariffs.
