U.S. International Trade in Goods and Services, March 2022
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $109.8 billion in March, up $20.0 billion from $89.8 billion in February, revised.
Next release: Tuesday, June 7, 2022
(°) 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 4, 2022
Exports, Imports, and Balance (exhibit 1)
March exports were $241.7 billion, $12.9 billion more than February exports. March imports were $351.5 billion, $32.9 billion more than February imports.
The March increase in the goods and services deficit reflected an increase in the goods deficit of $20.4 billion to $128.1 billion and an increase in the services surplus of $0.4 billion to $18.3 billion.
Year-to-date, the goods and services deficit increased $84.8 billion, or 41.5 percent, from the same period in 2021. Exports increased $104.5 billion or 17.7 percent. Imports increased $189.3 billion or 23.8 percent.
The global pandemic and the economic recovery continued to impact international trade in March 2022. The full economic effects of the pandemic cannot be quantified in the statistics, because the impacts are generally embedded in source data and cannot be separately identified.
Three-Month Moving Averages (exhibit 2)
The average goods and services deficit increased $9.3 billion to $96.3 billion for the three months ending in March.
- Average exports increased $4.5 billion to $231.7 billion in March.
- Average imports increased $13.7 billion to $328.0 billion in March.
Year-over-year, the average goods and services deficit increased $28.3 billion from the three months ending in March 2021.
- Average exports increased $34.8 billion from March 2021.
- Average imports increased $63.1 billion from March 2021.
Exports (exhibits 3, 6, and 7)
Exports of goods increased $11.6 billion to $170.7 billion in March.
Exports of goods on a Census basis increased $11.0 billion.
- Industrial supplies and materials increased $7.4 billion.
- Other petroleum products increased $2.0 billion.
- Crude oil increased $1.7 billion.
- Fuel oil increased $1.3 billion.
- Natural gas liquids increased $1.1 billion.
- Automotive vehicles, parts, and engines increased $1.0 billion.
- Passenger cars increased $0.5 billion.
Net balance of payments adjustments increased $0.6 billion.
Exports of services increased $1.2 billion to $71.1 billion in March.
- Transport increased $0.5 billion.
- Travel increased $0.4 billion.
- Financial services increased $0.2 billion.
- Other business services increased $0.1 billion.
Imports (exhibits 4, 6, and 8)
Imports of goods increased $32.0 billion to $298.8 billion in March.
Imports of goods on a Census basis increased $31.5 billion.
- Industrial supplies and materials increased $11.3 billion.
- Finished metal shapes increased $6.8 billion.
- Crude oil increased $1.2 billion.
- Nonmonetary gold increased $0.9 billion.
- Other chemicals decreased $1.0 billion.
- Consumer goods increased $10.0 billion.
- Other textile apparel and household goods increased $2.0 billion.
- Cotton apparel and household goods increased $1.4 billion.
- Footwear increased $1.3 billion.
- Furniture and household goods increased $1.3 billion.
- Toys, games, and sporting goods increased $1.1 billion.
- Capital goods increased $5.2 billion.
- Computers increased $1.5 billion.
- Computer accessories increased $1.3 billion.
- Automotive vehicles, parts, and engines increased $3.2 billion.
- Passenger cars increased $2.5 billion.
Net balance of payments adjustments increased $0.5 billion.
Imports of services increased $0.9 billion to $52.7 billion in March.
- Transport increased $1.2 billion.
- Travel increased $0.8 billion.
- Charges for the use of intellectual property decreased $1.2 billion.
Real Goods in 2012 Dollars – Census Basis (exhibit 11)
The real goods deficit increased $21.9 billion to $137.8 billion in March.
- Real exports of goods increased $3.8 billion to $150.2 billion.
- Real imports of goods increased $25.7 billion to $288.0 billion.
Revisions to February exports
- Exports of goods were revised up $0.2 billion.
- Exports of services were revised down less than $0.1 billion.
Revisions to February imports
- Imports of goods were revised up $0.5 billion.
- Imports of services were revised up $0.3 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 ($6.7), Hong Kong ($1.3), Brazil ($1.2), and United Kingdom ($0.5). Deficits were recorded, in billions of dollars, with China ($48.6), European Union ($15.6), Mexico ($10.6), Canada ($10.3), Germany ($6.2), Japan ($6.1), Taiwan ($4.9), Italy ($3.4), India ($3.2), South Korea ($3.1), Saudi Arabia ($1.0), France ($0.8), and Singapore ($0.1).
- The deficit with China increased $7.4 billion to $48.6 billion in March. Exports decreased $0.1 billion to $12.9 billion and imports increased $7.3 billion to $61.5 billion.
- The deficit with Canada increased $3.7 billion to $10.3 billion in March. Exports increased $1.8 billion to $29.1 billion and imports increased $5.5 billion to $39.4 billion.
- The deficit with the European Union decreased $1.3 billion to $15.6 billion in March. Exports increased $2.2 billion to $28.4 billion and imports increased $0.8 billion to $44.0 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 7, 2022, at 8:30 a.m. EDT
U.S. International Trade in Goods and Services, April 2022
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Additional Country Detail
With the releases of the “U.S. International Trade in Goods and Services” report (FT-900) and the FT-900 Annual Revision on June 7, 2022, exhibits that present seasonally adjusted trade in goods and services by selected countries and areas—exhibits 19, 20, 20a, and 20b in the FT-900 and related exhibits 18, 19, 19a, and 19b in the FT-900 Annual Revision—will be expanded to include Australia, Belgium, Ireland, Israel, Malaysia, Netherlands, Switzerland, and Vietnam. Historical statistics will also be made available with the releases. In addition, exhibits 14 and 14a in the FT-900, which present not seasonally adjusted trade in goods by selected countries and areas, will be expanded to include Israel and Vietnam. Templates of the modified exhibits are available at www.census.gov/foreign-trade/statistics/notices/country_detail_templates.xlsx.
Upcoming Updates to Goods and Services
With the releases of the FT-900 and the FT-900 Annual Revision on June 7, 2022, statistics on trade in goods on both a Census basis and a balance of payments (BOP) basis will be revised beginning with 2017, and statistics on trade in services will be revised beginning with 2015. The revised statistics for goods on a BOP basis and for services will also be included in the “U.S. International Transactions, First Quarter 2022 and Annual Update” report and in the international transactions interactive database, both to be released by BEA on June 23, 2022.
Revised statistics on trade in goods will reflect:
- Corrections and adjustments to previously published not seasonally adjusted statistics for goods on a Census basis.
- End-use reclassifications of several commodities.
- Recalculated seasonal and trading-day adjustments.
- 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. See the “Goods (balance of payments basis)” section in the explanatory notes for more information.
Revised statistics on trade in services will reflect:
- Newly available and revised source data, primarily from BEA surveys of international services, including the results of BEA’s benchmark survey of financial services.
- Recalculated seasonal adjustments.
- Revised temporal distributions of quarterly source data to monthly statistics. See the “Services” section in the explanatory notes for more information.
For more information, see “Preview of the 2022 Annual Update of the International Economic Accounts” in the April 2022 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@example.com or BEA, Balance of Payments Division, at InternationalAccounts@bea.gov.