US: Goods and services deficit narrows to $64.2 billion in March vs. $63.3 billion expected

• US Goods and Services Trade Balance came in at -$64.2 billion in March.

The goods and services deficit was $64.2 billion in March, down $6.4 billion from $70.6 billion in February, the US Bureau of Economic Analysis revealed on Thursday. This reading came in slightly above the market expectation for a deficit of $63.3 billion.

Key takeaways from the report: 

March exports were $256.2 billion, $5.3 billion more than February exports. March imports were $320.4 billion, $1.1 billion less than February imports.

The March decrease in the goods and services deficit reflected a decrease in the goods deficit of $6.4 billion to $86.6 billion and a decrease in the services surplus of less than $0.1 billion to $22.4 billion. 

Year-to-date, the goods and services deficit decreased $77.6 billion, or 27.6 percent, from the same period in 2022. Exports increased $61.4 billion or 8.7 percent. Imports decreased $16.2 billion or 1.6 percent.

Exports of goods increased $5.2 billion to $174.3 billion in March.

Imports of goods decreased $1.2 billion to $260.9 billion in March.

Exports of services increased $0.1 billion to $81.8 billion in March.

Imports of services increased $0.1 billion to $59.5 billion in March.

The deficit with China decreased $2.3 billion to $22.9 billion in March. Exports increased $1.3 billion to $14.4 billion and imports decreased $0.9 billion to $37.3 billion.