The U.S. trade deficit expanded over 4% in March to $60.31B after expanding nearly 6% the previous month. The latest reading barely missed the forecast of -$61.00B. Compared to a year ago, the trade deficit is 55.6% smaller.
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 2026 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $57.8 billion in February (revised) to $60.3 billion in March, as imports increased more than exports. The goods deficit increased $4.1 billion in March to $88.7 billion. The services surplus increased $1.6 billion in March to $28.4 billion.
This indicator is somewhat volatile, with an 9.2% absolute average monthly change. The latest data point saw a 4.4% 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 -$55.47B, one of the smallest levels since 2020.
As mentioned earlier, the trade balance measures the difference in value between imported and exported goods and services. In March, imports were up $8.72 billion (2.3%) to $381.17B. Meanwhile, exports increased by $6.19 billion (2.0%) to $320.86B. Since imports increased more than exports, the trade deficit increased.
