Goods & Services Deficit Widened by $20B in March

Washington, DC, May 4, 2022-The goods and services deficit was $109.8 billion in March, up $20.0 billion from $89.8 billion in February, revised, the U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced.

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%, from the same period in 2021. Exports increased $104.5 billion or 17.7%. Imports increased $189.3 billion or 23.8%.

Reports the Wall Street Journal, "Inflation, supply imbalances and strong demand for imported goods widened the U.S. trade deficit to a record in March, with clothing, computers, and vehicles driving the surge."