In March, the U.S. goods deficit shrank to $56.1 billion, down $4.6 billion from February, as imports declined more than exports. The total deficit, including trade in services, decreased $12.9 billion year-over-year to $38.8 billion.
Capital goods and industrial supplies and materials led the year-over-year decline in exports, partially offset by increases in foods, feeds and beverages; automotive vehicles, parts, and engines; and other goods.
The year-over-year drop in imports of goods reflected decreases in industrial supplies and materials; capital goods; consumer goods; and automotive vehicles, parts, and engines. These declines were partly offset by increased imports of foods, feeds, and beverages as well as other goods.