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News Release

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, Thursday, May 3, 2018
BEA 18-21

U.S. International Trade in Goods and Services, March 2018

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods
and services deficit was $49.0 billion in March, down $8.8 billion from $57.7 billion in
February, revised.

U.S. International Trade in Goods and Services, March 2018
Goods and Services Trade Deficit
Exports, Imports, and Balance (exhibit 1)

March exports were $208.5 billion, $4.2 billion more than February exports. March imports were
$257.5 billion, $4.6 billion less than February imports.

The March decrease in the goods and services deficit reflected a decrease in the goods deficit
of $7.5 billion to $69.5 billion and an increase in the services surplus of $1.3 billion to
$20.5 billion.

Year-to-date, the goods and services deficit increased $25.5 billion, or 18.5 percent, from the
same period in 2017. Exports increased $39.2 billion or 6.8 percent. Imports increased $64.7
billion or 9.1 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit decreased $1.7 billion to $54.5 billion for the three
months ending in March.
     * Average exports increased $1.6 billion to $204.6 billion in March.
     * Average imports decreased less than $0.1 billion to $259.1 billion in March.

Year-over-year, the average goods and services deficit increased $8.5 billion from the three
months ending in March 2017.
     * Average exports increased $13.1 billion from March 2017.
     * Average imports increased $21.6 billion from March 2017.

Exports (exhibits 3, 6, and 7)

Exports of goods increased $3.7 billion to $140.9 billion in March.
  Exports of goods on a Census basis increased $3.9 billion.
     * Capital goods increased $1.9 billion.
          o Civilian aircraft increased $1.9 billion.
     * Foods, feeds, and beverages increased $1.0 billion.
          o Soybeans increased $0.5 billion.
          o Corn increased $0.3 billion.
     * Industrial supplies and materials increased $0.9 billion.
          o Crude oil increased $0.4 billion.
          o Other petroleum products increased $0.3 billion.

  Net balance of payments adjustments decreased $0.2 billion.

Exports of services increased $0.4 billion to $67.6 billion in March.
     * Maintenance and repair services increased $0.1 billion.
     * Travel (for all purposes including education) increased $0.1 billion.
     * Transport increased $0.1 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods decreased $3.7 billion to $210.4 billion in March.
  Imports of goods on a Census basis decreased $3.6 billion.
     * Capital goods decreased $1.5 billion.
          o Computer accessories decreased $0.5 billion.
          o Telecommunications equipment decreased $0.5 billion.
          o Semiconductors decreased $0.5 billion.
     * Consumer goods decreased $0.9 billion.
          o Toys, games, and sporting goods decreased $0.7 billion.
          o Televisions and video equipment decreased $0.7 billion.
     * Industrial supplies and materials decreased $0.7 billlion.
          o Crude oil decreased $0.5 billion.

  Net balance of payments adjustments decreased $0.1 billion.

Imports of services decreased $0.9 billion to $47.1 billion in March.

     * Charges for the use of intellectual property decreased $0.9 billion. Charges for February
       included payments for the rights to broadcast the 2018 Winter Olympic Games.
     * Transport decreased $0.1 billion.

Real Goods in 2009 Dollars – Census Basis (exhibit 11)

The real goods deficit decreased $6.9 billion to $62.1 billion in March.
     * Real exports of goods increased $3.7 billion to $133.2 billion.
     * Real imports of goods decreased $3.1 billion to $195.3 billion.

Revisions

Revisions to February exports
     * Exports of goods were revised down less than $0.1 billion.
     * Exports of services were revised down less than $0.1 billion.

Revisions to February imports
     * Imports of goods were revised down $0.1 billion.
     * Imports of services were revised up $0.2 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)

The March figures show surpluses, in billions of dollars, with Hong Kong ($3.3), South and
Central America ($3.1), United Kingdom ($1.2), Brazil ($0.8), and Singapore ($0.3). Deficits
were recorded, in billions of dollars, with China ($35.4), European Union ($12.4), Mexico ($7.0),
Japan ($5.9), Germany ($5.0), Italy ($2.3), France ($1.5), OPEC ($1.4), India ($1.4),
Taiwan ($1.3), South Korea ($1.2), Saudi Arabia ($0.3), and Canada ($0.2).

     * The deficit with Germany decreased $1.6 billion to $5.0 billion in March. Exports
       increased $0.4 billion to $5.1 billion and imports decreased $1.2 billion to $10.1 billion.
     * The deficit with members of OPEC decreased $0.8 billion to $1.4 billion in March. Exports
       increased $0.4 billion to $4.9 billion and imports decreased $0.4 billion to $6.3 billion.
     * The deficit with China increased $0.7 billion to $35.4 billion in March. Exports increased
       $1.6 billion to $12.4 billion and imports increased $2.3 billion to $47.7 billion.

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All statistics referenced are seasonally adjusted; statistics are on a balance of payments
basis unless otherwise specified. Additional statistics, including not seasonally adjusted
statistics and details for goods on a Census basis, are available in Exhibits 1-20b of this
release. For information on data sources, definitions, and revision procedures, see the
explanatory notes in this release. The full release can be found at
www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or
www.bea.gov/newsreleases/international/trade/tradnewsrelease.htm.
The full schedule is available in the Census Bureau’s Economic Briefing Room at
www.census.gov/economic-indicators/.

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			Next release: June 6, 2018, at 8:30 A.M. EDT
		 U.S. International Trade in Goods and Services: April 2018