WASHINGTON, DC – Today, the Joint Economic Committee released its analysis of the latest Monthly Trade Update based on information compiled from the Bureau of Economic Analysis, U.S. Census Bureau, Treasury Department, and the Bureau of Labor Statistics. The total trade deficit in March was $60.3 billion, up $2.53 billion from February and 3 percent above the 12-month average.

In trade of goods, the U.S. ran a trade deficit of $88.71 billion, up $4.09 billion from February and 3 percent above the 12-month average. In trade of services, the U.S. ran a trade surplus of $28.41 billion, up $1.56 billion from February and 3 percent above the 12-month average.

Over the 12 months through March 2026, the U.S. ran a total trade deficit of $700.49 billion. In trade of goods, the U.S. ran a trade deficit of $1.03 trillion. In trade of services, the U.S. ran a trade surplus of $331.39 billion.

Over the 12 months through March 2026, the U.S. had the largest goods trade deficits with Mexico, with net exports of -$194.42 billion, 18.96 percent of the total goods trade deficit; Vietnam, with net exports of -$193.35 billion, 18.86 percent of the total goods trade deficit; and Taiwan, with net exports of -$177.28 billion, 17.29 percent of the total goods trade deficit.

Over the same time period, the U.S. had the largest goods trade surpluses with Netherlands, with net exports of $68.49 billion, -6.68 percent of the total goods trade deficit; United Kingdom, with net exports of $47.42 billion, -4.63 percent of the total goods trade deficit; Hong Kong, with net exports of $40.32 billion, -3.93 percent of the total goods trade deficit.

Additionally, over the 12 months through March 2026, the most exported goods by value were civilian aircraft, engines, equipment, and parts; pharmaceutical preparations; and nonmonetary gold. Together, these goods accounted for 17.54 percent of the value of all exported goods over those 12 months.

Over the same time period, the U.S. exported the most to Mexico ($347.18 billion), Canada ($327.56 billion), and United Kingdom ($109.51 billion). Together, these countries accounted for 34.72 percent of the value of all U.S. exports over those 12 months.

Over the 12 months through March 2026, the most imported goods by value were computers; pharmaceutical preparations; and passenger cars, new and used. Together, these goods accounted for 19.74 percent of the value of all imported goods over those 12 months.

During that same time period, Over the 12 months through March 2026, the U.S. imported the most from Mexico ($541.61 billion), Canada ($365.62 billion), and China ($266.59 billion). Together, these countries accounted for 35.74 percent of the value of all U.S. imports over those 12 months.

In March 2026, the U.S. calculated $20.49 billion in import duties, which is 18.40 percent lower than the 12-month average. Over the 12 months through March 2026, the U.S. calculated $301.30 billion in import duties. In March 2026, the average applied duty rate, defined as calculated duty revenue as a share of total imports for consumption, was 6.85 percent, which is 2.45 percentage points lower than the 12-month average.

The U.S. dollar lost ground with four of the five leading global currencies. From March 2025 to March 2026, the U.S. dollar weakened against the Chinese yuan by 4.9 percent; weakened against the Euro by 6.3 percent; weakened against the British pound by 2.2 percent; strengthened against the Japanese yen by 6.1 percent; and weakened against the Mexican peso by 11.9 percent. A stronger U.S. dollar can improve U.S. Terms of Trade (ToT) with trading partners by lowering the dollar price of imports from the foreign country. Terms of trade (ToT) is the ratio of a country’s export prices to its import prices. Stronger ToT means a country can buy more imports for a given amount of exports. 

For the full update, with greater detail of the U.S.’ exports, imports, duties, and trading partners, visit https://www.jec.senate.gov/public/index.cfm/republicans/trade-update/. 

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