New Record Trade Deficits for the Month and Quarter

The US trade deficit hit new records in March. 2022 starts off the year with the worst quarter ever.

(Click on image to enlarge)

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $109.8 billion in March, up $20.0 billion from $89.8 billion in February.  

US Quarterly Balance of Trade 2022 Q1

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International balance of trade data from Census Department, chart by Mish

Exports, Imports, and Balance

• 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

• Year-to-date, the goods and services deficit increased $84.8 billion, or 41.5 percent, from the same period in 2021.
• Exports increased $104.5 billion or 17.7 percent.
• Imports increased $189.3 billion or 23.8 percent.

3-Month Rolling Averages 

• The average goods and services deficit increased $9.3 billion to $96.3 billion for the three months ending in March.
• Average exports increased $4.5 billion to $231.7 billion in March.
• Average imports increased $13.7 billion to $328.0 billion in March.
• Year-over-year, the average goods and services deficit increased $28.3 billion from the three months ending in March 2021.