The U.S. trade deficit in goods and services surged to a record $140.5 billion in March 2025, according to data released by the U.S. Bureau of Economic Analysis. This marked a 14.0% increase over the revised February deficit of $123.2 billion and was the largest monthly percentage increase since December 2024–January 2025.
March exports of goods and services rose slightly to $278.5 billion, the highest level on record. However, this was outpaced by a sharp rise in imports, which jumped to $419.0 billion—also a record. The goods deficit alone widened to $163.5 billion.
Key highlights:
Goods Imports: $346.8 billion in March—highest on record. Record levels were also reported for capital goods ($93.1 billion), consumer goods ($103.2 billion), and non-petroleum goods ($326.6 billion).
Goods Exports: $183.2 billion in March. Non-petroleum goods exports reached a record $158.7 billion. Industrial supplies and materials exports hit $64.6 billion, the highest since November 2022.
Real Dollar Terms: The real goods deficit hit a record $150.9 billion. Real imports of goods reached $300.6 billion, also a record.
Country Deficits: Record monthly trade deficits were reported with Mexico ($18.6 billion), Ireland ($29.3 billion), and France ($3.5 billion).
The data reflect broad-based increases in U.S. imports across major categories, outpacing relatively stable export growth, and indicate persistent trade imbalances despite overall expansion in trade volume.
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