The U.S. trade deficit widened to a record high as imports rose more than exports. In March, the trade deficit rose 14.0% to -$140.5B, the fourth monthly increase in the past five months.
The U.S. international trade in goods and services, also known as the FT-900, is published monthly by the Bureau of Economic Analysis with data going back to 1992. The monthly reports include revisions that go back several months. This trade balance measures the difference in value between imported and exported goods and services.
Here is an excerpt from the latest report:
The U.S. monthly international trade deficit increased in March 2025 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $123.2 billion in February (revised) to $140.5 billion in March, as imports increased more than exports. The goods deficit increased $16.5 billion in March to $163.5 billion. The services surplus decreased $0.8 billion in March to $23.0 billion.
This indicator is somewhat volatile, with an 8.7% absolute average monthly change. The latest data point saw a 14.0% month-over-month change. Here is a snapshot that includes the six-month moving average which gives a better sense of the overall trend. The latest six-month moving average is at -$107.4B, the highest level on record.
As mentioned earlier, the trade balance measures the difference in value between imported and exported goods and services. In March, imports were up $17.76 billion (4.4%) to $419.0B. Meanwhile exports increased by $0.46 billion (0.2%) to $278.5B. This is the highest level on record for both imports and exports. Since imports rose more than exports did, the trade deficit increased.
