(Click on image to enlarge)

Balance of Trade data from Census Department, chart by Mish

The Advance Economic Indicators for March sports another disaster for import-export goods data.

Advance International Trade in Goods

• The international trade deficit was $162.0 billion in March, up $14.1 billion from $147.8 billion in February. [I calculate a deficit increase of $15.0 billion compared to the full report not the previous advance report]
• Exports of goods for March were $180.8 billion, $2.2 billion more than February exports. [I calculate down 0.65 percent compared to the full report not the previous advance report]
• Imports of goods for March were $342.7 billion, $16.3 billion more than February imports.

Advance Wholesale Inventories

• Wholesale inventories for March, adjusted for seasonal variations and trading day differences, but not for price changes, were estimated at an end-of-month level of $908.0 billion, up 0.5 percent (±0.2 percent) from February 2025, and were up 2.3 percent (±0.7 percent) from March 2024.
• The January 2025 to February 2025 percentage change was revised from the preliminary estimate of up 0.3 percent (±0.2 percent) to up 0.5 percent (±0.2 percent).

Advance Retail Inventories

• Retail inventories for March, adjusted for seasonal variations and trading day differences, but not for price changes, were estimated at an end-of-month level of $805.8 billion, down 0.1 percent (±0.2 percent) from February 2025, and were up 4.8 percent (±0.7 percent) from March 2024.
• The January 2025 to February 2025 percentage change was revised from up 0.1 percent (±0.2 percent) to down 0.1 percent (±0.2 percent)*.

Goods Exports and Imports

Compared to the previous full report (all numbers except most recent), imports are up 4.2 percent to a new record 342.7 billion.

Exports fell 0.65 percent to $180.8 billion.

Balance of Trade Goods and Services

(Click on image to enlarge)

The blue highlight is an advance number for March. Services are not included in advance numbers.

Services data is through February.

How Long Will Front-Running Tariff Inventories Supply Shelves?

Yesterday, I asked How Long Will Front-Running Tariff Inventories Supply Shelves?

I concluded about a month on average. Factoring in today’s data add another few weeks. Click on above link for details.

Related Posts

April 11, 2025: How Will Parts Hoarding and the Surge in Imports Impact GDP this Year?

A reader asked the above question. It’s a good one, answer below.

April 26, 2025: Six Auto Groups Lobby Trump Warning About Layoffs and Bankruptcies

In a rare, unified message, auto groups warn Trump about tariffs.

April 27, 2025: Shipping Collapse: Port Workers and Truckers Wait for the Ships to Come In

Orders have been cancelled, but the primary impacts are not felt yet.

More By This Author: