The 2020 Mid-Year Economic Update_long

March U.S. Exports Increase, Imports Decrease

Goods and services deficit up 18.5 percent year-over-year.

Total March exports were $208.5 billion, $4.2 billion more than February exports, and imports were $257.5 billion, $4.6 billion less than February imports, according to the U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce.

The March decrease in the goods and services deficit reflected a decrease in the goods deficit of $7.5 billion to $69.5 billion and an increase in the services surplus of $1.3 billion to $20.5 billion.

Year-to-date, the goods and services deficit increased $25.5 billion, or 18.5 percent, from the same period in 2017. Exports increased $39.2 billion or 6.8 percent. Imports increased $64.7 billion or 9.1 percent.

Exports of goods increased $3.7 billion and exports of services increased $0.4 billion. The increase in exports of goods mostly reflected increases in capital goods ($1.9 billion) and civilian aircraft ($1.9 billion). The increase in exports of services mainly reflected decreases in travel ($0.1 billion).

Imports of goods decreased $3.7 billion and imports of services decreased $0.9 billion. The decrease in imports of goods mostly reflected a decrease in capital goods ($1.5 billion) and consumer goods ($0.9 billion).

The decrease in imports of services mainly reflected decreases in charges for the use of intellectual property ($0.9 billion).

 

 

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