The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced May 12 that total March exports of $147.9 billion and imports of $188.3 billion resulted in a goods and services deficit of $40.4 billion, up from $39.4 billion in February, revised. March exports were $4.6 billion more than February exports of $143.3 billion. March imports were $5.6 billion more than February imports of $182.7 billion.
In March, the goods deficit increased $1.8 billion from February to $52.9 billion and the services surplus increased $800 million to $12.5 billion. Exports of goods increased $4.2 billion to $102.7 billion and imports of goods increased $6.0 billion to $155.6 billion. Exports of services increased $400 million to $45.2 billion and imports of services decreased $400 million to $32.7 billion.
The goods and services deficit increased $11.6 billion from March 2009 to March 2010. Exports were up $25.0 billion, or 20.4 percent and imports were up $36.6 billion, or 24.2 percent.
Goods (Census basis)
The February to March increase in exports of goods reflected increases in industrial supplies and materials ($2.1 billion); other goods ($900 million); consumer goods ($700 million); capital goods ($500 million); and foods, feeds and beverages ($100 million). Automotive vehicles, parts and engines were virtually unchanged.
The February to March increase in imports of goods reflected increases in industrial supplies and materials ($3.6 billion); automotive vehicles, parts and engines ($1.2 billion); consumer goods ($500 million); foods, feeds and beverages ($400 million); and capital goods ($300 million). A decrease occurred in other goods ($100 million).
The March 2009 to March 2010 increase in exports of goods reflected increases in industrial supplies and materials ($9.0 billion); capital goods ($3.8 billion); automotive vehicles, parts and engines ($3.2 billion); consumer goods ($1.6 billion); other goods ($1.4 billion); and foods, feeds and beverages ($1.1 billion).
The March 2009 to March 2010 increase in imports of goods reflected increases in industrial supplies and materials ($17.7 billion); automotive vehicles, parts and engines ($6.7 billion); capital goods ($4.8 billion); consumer goods ($3.5 billion); foods, feeds and beverages ($700 million); and other goods ($600 million).
Services
Services exports increased $400 million from February to March. The increase was more than accounted for by increases in travel, other private services (which includes items such as business, professional and technical services, insurance services and financial services) and passenger fares. A decrease in transfers under U.S. military sales contracts was partly offsetting. Changes in the other categories of services exports were small.
Services imports decreased $400 million from February to March. The decrease was more than accounted for by a decrease in royalties and license fees, which had been boosted in February by payments for the rights to broadcast the 2010 Winter Olympic Games. Increases in other transportation (which includes freight and port services), passenger fares and travel were partly offsetting. Changes in the other categories of services imports were small.
Services exports increased $4.8 billion from March 2009 to March 2010. The largest increases were in other private services ($1.7 billion), travel ($1.0 billion), other transportation ($800 million), and royalties and license fees ($800 million). Within other private services, the largest increase was in business, professional and technical services.
Services imports increased $2.7 billion from March 2009 to March 2010. The largest increases were in other private services ($900 million) and other transportation ($800 million). Within other private services, the largest increase was in business, professional and technical services.