Tuesday, May 05, 2020

Trade Deficit increased to $44.4 Billion in March

by Calculated Risk on 5/05/2020 08:42:00 AM

From the Department of Commerce reported:

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $44.4 billion in March, up $4.6 billion from $39.8 billion in February, revised.

March exports were $187.7 billion, $20.0 billion less than February exports. March imports were $232.2 billion, $15.4 billion less than February imports.
emphasis added
U.S. Trade Exports Imports Click on graph for larger image.

Both exports and imports decreased in March.

Exports are down 11% compared to March 2019; imports are down 12% compared to March 2019.

Both imports and exports have decreased sharply due to COVID-19.

The second graph shows the U.S. trade deficit, with and without petroleum.

U.S. Trade Deficit The blue line is the total deficit, and the black line is the petroleum deficit, and the red line is the trade deficit ex-petroleum products.

Note that the U.S. exported a slight net positive petroleum products in recent months.

Oil imports averaged $47.09 per barrel in March, down from $57.24 in February, and down from $60.17 in March 2019.

The trade deficit with China decreased to $11.8 billion in March, from $20.7 billion in March 2019.