News Release

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, MAY 9, 2019
CB 19-60
BEA 19-20

U.S. International Trade in Goods and Services, March 2019

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $50.0 billion in March, up $0.7 billion from $49.3 billion in February, revised.

U.S. International Trade in Goods and Services Deficit
Deficit: $50.0 Billion +1.5%°
Exports: $212.0 Billion +1.0%°
Imports: $262.0 Billion +1.1%°

Next release: June 6, 2019

(°) Statistical significance is not applicable or not measurable.
Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, May 9, 2019

Exports, Imports, and Balance (exhibit 1)

March exports were $212.0 billion, $2.1 billion more than February exports. March imports were $262.0 billion, $2.8 billion more than February imports.

The March increase in the goods and services deficit reflected an increase in the goods deficit of $0.5 billion to $72.4 billion and a decrease in the services surplus of $0.2 billion to $22.4 billion.

Year-to-date, the goods and services deficit decreased $5.8 billion, or 3.7 percent, from the same period in 2018. Exports increased $14.0 billion or 2.3 percent. Imports increased $8.2 billion or 1.1 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit decreased $3.3 billion to $50.1 billion for the three months ending in March.

  • Average exports increased $2.2 billion to $209.7 billion in March.
  • Average imports decreased $1.1 billion to $259.9 billion in March.

Year-over-year, the average goods and services deficit decreased $1.9 billion from the three months ending in March 2018.

  • Average exports increased $4.7 billion from March 2018.
  • Average imports increased $2.7 billion from March 2018.

Exports (exhibits 3, 6, and 7)

Exports of goods increased $2.0 billion to $141.7 billion in March.

  Exports of goods on a Census basis increased $2.1 billion.

  • Industrial supplies and materials increased $1.7 billion.
    • Natural gas liquids increased $0.4 billion.
    • Fuel oil increased $0.3 billion.
    • Metallurgical grade coal increased $0.3 billion.
    • Other petroleum products increased $0.3 billion.
  • Foods, feeds, and beverages increased $0.8 billion.
    • Soybeans increased $0.5 billion.
  • Capital goods decreased $0.5 billion.
    • Civilian aircraft decreased $0.7 billion.

  Net balance of payments adjustments decreased $0.1 billion.

Exports of services increased less than $0.1 billion to $70.3 billion in March.

  • Maintenance and repair services increased $0.1 billion.
  • Financial services increased $0.1 billion.
  • Transport decreased $0.1 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $2.6 billion to $214.1 billion in March.

  Imports of goods on a Census basis increased $2.6 billion.

  • Industrial supplies and materials increased $2.4 billion.
    • Crude oil increased $1.4 billion.
    • Organic chemicals increased $0.5 billion.
    • Other petroleum products increased $0.4 billion.
  • Foods, feeds, and beverages increased $1.0 billion.
    • Other foods increased $0.5 billion.
    • Fish and shellfish increased $0.2 billion.
  • Consumer goods decreased $0.7 billion.
    • Cell phones and other household goods decreased $1.1 billion.

  Net balance of payments adjustments decreased $0.1 billion.

Imports of services increased $0.2 billion to $47.8 billion in March.

  • Travel (for all purposes including education) increased $0.1 billion.
  • Maintenance and repair services increased $0.1 billion.
  • Insurance services decreased $0.1 billion.

Real Goods in 2012 Dollars – Census Basis (exhibit 11)

The real goods deficit increased $0.5 billion to $82.1 billion in March.

  • Real exports of goods increased $1.0 billion to $151.8 billion.
  • Real imports of goods increased $1.5 billion to $233.8 billion.

Revisions

Revisions to February exports

  • Exports of goods were revised up $0.1 billion.
  • Exports of services were revised up $0.1 billion.

Revisions to February imports

  • Imports of goods were revised up less than $0.1 billion.
  • Imports of services were revised up $0.1 billion.

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

The March figures show surpluses, in billions of dollars, with South and Central America ($4.2), Hong Kong ($2.4), Brazil ($0.9), OPEC ($0.7), Saudi Arabia ($0.3), and Singapore ($0.2). Deficits were recorded, in billions of dollars, with China ($28.3), European Union ($15.8), Mexico ($8.6), Japan ($6.1), Germany ($5.7), Italy ($2.8), Canada ($2.1), Taiwan ($2.0), South Korea ($1.8), India ($1.8), France ($1.7), and United Kingdom ($0.2).

  • The deficit with the European Union increased $3.4 billion to $15.8 billion in March. Exports decreased $1.4 billion to $27.8 billion and imports increased $2.0 billion to $43.6 billion.
  • The balance with Canada shifted from a surplus of $0.5 billion to a deficit of $2.1 billion in March. Exports decreased $0.1 billion to $25.3 billion and imports increased $2.6 billion to $27.5 billion.
  • The deficit with China decreased $1.9 billion to $28.3 billion in March. Exports increased $1.4 billion to $10.5 billion and imports decreased $0.5 billion to $38.8 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/data/intl-trade-investment/international-trade-goods-and-services. The full schedule is available in the Census Bureau’s Economic Briefing Room at www.census.gov/economic-indicators/ or on BEA’s website at www.bea.gov/news/schedule.

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Next release: June 6, 2019, at 8:30 A.M. EDT
U.S. International Trade in Goods and Services, April 2019

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Notice

Country Name Change

With this release of the “U.S. International Trade in Goods and Services” report (FT-900), references to Macedonia are replaced with North Macedonia to reflect the country’s recent name change. This change aligns with the name recognized by the U.S. Department of State and the International Organization for Standardization. This change also affects exhibit 4 of the FT-900 Supplement.

Upcoming Updates to Goods and Services

With the releases of the “U.S. International Trade in Goods and Services, April 2019” report (FT-900) and the FT-900 Annual Revision on June 6, 2019, statistics on trade in goods, on both a Census basis and a balance of payments (BOP) basis, and statistics on trade in services will be revised beginning with 2014. The revised statistics for goods on a BOP basis and for services will also be included in the “U.S. International Transactions, First Quarter 2019 and Annual Update” report and in the international transactions interactive database, both to be released by the U.S. Bureau of Economic Analysis (BEA) on June 20, 2019.

Revised seasonally adjusted statistics will reflect the incorporation of recalculated seasonal and trading-day adjustments beginning with 2014. With the annual update in 2018, BEA extended the period for incorporating revised seasonal adjustments for services statistics from 3 to 5 years. With the upcoming annual update, BEA and the U.S. Census Bureau will also extend the period for incorporating revised seasonal and trading-day adjustments for goods statistics from 3 to 5 years.

In addition, revised statistics on trade in goods beginning with 2016 will reflect 1) corrections and adjustments to previously published not seasonally adjusted statistics for goods on a Census basis, 2) reclassifications of several end-use commodities, and 3) newly available and revised source data on BOP adjustments, which are adjustments that BEA applies to goods on a Census basis to convert them to a BOP basis. For more information on BOP adjustments, see the “Goods (balance of payments basis)” section in the explanatory notes.

Revised statistics on trade in services beginning with 2016 will also reflect 1) newly available and revised source data, primarily from BEA’s surveys of international services transactions, and 2) revised temporal distributions of quarterly source data to monthly statistics (see the “Services” section in the explanatory notes for more information).

A preview of BEA’s 2019 annual update of the international transactions accounts appears in the April 2019 issue of the Survey of Current Business.

If you have questions, please contact the Census Bureau, Economic Indicators Division, on (800) 549-0595, option 4, or at [email protected] or BEA, Balance of Payments Division, at [email protected].