Goods & Services Deficit Expanded by $3.9 Billion in March

Washington, DC, May 4, 2021-The goods and services deficit was $74.4 billion in March, up $3.9 billion from $70.5 billion in February, revised, the U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced.

March exports were $200.0 billion, $12.4 billion more than February exports. March imports were $274.5 billion, $16.4 billion more than February imports.

The March increase in the goods and services deficit reflected an increase in the goods deficit of $3.6 billion to $91.6 billion and a decrease in the services surplus of $0.3 billion to $17.1 billion.

Year-to-date, the goods and services deficit increased $83.2 billion, or 64.2%, from the same period in 2020. Exports decreased $21.0 billion or 3.5%. Imports increased $62.2 billion or 8.5%.

The Wall Street Journal reports that, "Consumers and a fresh round of stimulus money pushed demand for U.S. imported goods to a record high in March, further expanding the trade deficit."