March 2025

Released May 06, 2025



Balance of payments


In March 2025:


  • In March, the United States ran a total trade deficit of $140.50 billion.
    • The trade deficit is up $17.30 billion from February, which means imports grew faster than exports.
    • The trade deficit is 52.24 percent higher than the 12-month average.
    • In trade of goods, the U.S. ran a trade deficit of $163.52 billion, which is up $16.48 billion from February and 40.08 percent higher than the 12-month average.
    • In trade of services, the U.S. ran a trade surplus of $23.02 billion, which is down $824.00 million from February and 5.83 percent lower than the 12-month average.


  • Total exports was $278.46 billion, which is up $456.00 million from February and 3.40 percent higher than the 12-month average.
    • Total exports of goods was $183.23 billion, which is up $1.33 billion from February and 4.47 percent higher than the 12-month average.
    • Total exports of services was $95.22 billion, which is down $878.00 million from February and 1.40 percent higher than the 12-month average.


  • Total imports was $418.96 billion, which is up $17.76 billion from February and 15.86 percent higher than the 12-month average.
    • Total imports of goods was $346.75 billion, which is up $17.81 billion from February and 18.70 percent higher than the 12-month average.
    • Total imports of services was $72.20 billion, which is down $53.00 million from February and 3.95 percent higher than the 12-month average.


From March 2024 to March 2025:


  • Over the 12 months through March 2025, the U.S. ran a total trade deficit of $1.11 trillion.
    • In trade of goods, the U.S. ran a trade deficit of $1.40 trillion.
    • In trade of services, the U.S. ran a trade surplus of $293.38 billion.


  • Total exports was $3.23 trillion.
    • Total exports of goods was $2.10 trillion.
    • Total exports of services was $1.13 trillion.


  • Total imports was $4.34 trillion.
    • Total imports of goods was $3.51 trillion.
    • Total imports of services was $833.52 billion.




Table 1. Trade balance

Mar 2025 Mar 2024 Y/Y difference 12-month average Past 12 months
Goods
Exports $183.23B $170.82B 7.27% $175.40B $2.10T
– Imports $346.75B $264.34B 31.18% $292.13B $3.51T
Goods trade balance -$163.52B -$93.52B 74.86% -$116.73B -$1.40T
Services
Exports $95.22B $90.13B 5.65% $93.91B $1.13T
– Imports $72.20B $65.16B 10.80% $69.46B $833.52B
Services trade balance $23.02B $24.97B -7.79% $24.45B $293.38B
Total
Exports $278.46B $260.95B 6.71% $269.31B $3.23T
– Imports $418.96B $329.50B 27.15% $361.59B $4.34T
Total trade balance -$140.50B -$68.55B 104.97% -$92.29B -$1.11T


Census basis


The Bureau of Economic Analysis adjusted the March 2025 Census basis figures for goods exports by about 0.01 percent, and for goods imports by about 0.01 percent. See the Notes section for more information about these adjustments. This section reports the trade figures for goods as collected by the U.S. Census Bureau without adjustment unless specified otherwise.



  • Over the 12 months through March 2025, the U.S. had the largest goods trade deficits with:

    • China, with net exports of -$305.47 billion, 22.13 percent of the total goods trade deficit.
    • Mexico, with net exports of -$179.38 billion, 13.00 percent of the total goods trade deficit.
    • Vietnam, with net exports of -$133.53 billion, 9.68 percent of the total goods trade deficit.


  • Over the 12 months through March 2025, the U.S. had the largest goods trade surpluses with:

    • Netherlands, with net exports of $54.54 billion, -3.95 percent of the total goods trade deficit.
    • Hong Kong, with net exports of $19.15 billion, -1.39 percent of the total goods trade deficit.
    • United Arab Emirates, with net exports of $19.07 billion, -1.38 percent of the total goods trade deficit.





Table 2. Largest deficits by country

Trading partner Past 12 months Share of past 12 months Mar 2025 Mar 2024 Y/Y difference
China -$305.47B 22.13% -$17.93B -$17.17B 4.41%
Mexico -$179.38B 13.00% -$18.62B -$14.66B 26.99%
Vietnam -$133.53B 9.68% -$13.55B -$8.98B 50.93%
Ireland -$124.49B 9.02% -$29.33B -$6.70B 337.76%
Switzerland -$89.85B 6.51% -$14.40B -$1.38B 946.22%
Germany -$86.59B 6.27% -$7.52B -$7.67B -1.83%
Taiwan -$82.93B 6.01% -$7.76B -$4.57B 69.87%
Canada -$71.33B 5.17% -$3.88B -$3.36B 15.41%
Japan -$68.35B 4.95% -$6.17B -$5.41B 14.03%
South Korea -$65.86B 4.77% -$6.33B -$5.20B 21.81%


Table 3. Largest surpluses by country

Trading partner Past 12 months Share of past 12 months Mar 2025 Mar 2024 Y/Y difference
Netherlands $54.54B -3.95% $4.48B $5.43B -17.39%
Hong Kong $19.15B -1.39% $1.94B $2.03B -4.47%
United Arab Emirates $19.07B -1.38% $1.58B $1.56B 0.84%
United Kingdom $13.31B -0.96% $1.69B $989.14M 70.73%
Panama $9.64B -0.70% $707.99M $875.95M -19.17%
Australia $8.65B -0.63% -$941.61M $2.01B -146.94%
Brazil $7.71B -0.56% $756.05M $746.12M 1.33%
Dominican Republic $5.38B -0.39% $449.84M $558.82M -19.50%
Belgium $5.06B -0.37% $6.97M $900.65M -99.23%
Guatemala $4.68B -0.34% $413.28M $395.54M 4.48%


Exports


  • Over the 12 months through March 2025, the most exported goods by value were civilian aircraft, engines, equipment, and parts; crude oil; and pharmaceutical preparations.
  • Together, these goods accounted for 16.97 percent of the value of all exported goods over those 12 months.



Table 4. Top exports by good

Exported good Past 12 months Share of past 12 months Mar 2025 Mar 2024 Y/Y difference
Civilian aircraft, engines, equipment, and parts $129.17B 6.21% $12.53B $10.33B 21.27%
Crude oil $115.13B 5.54% $9.14B $10.84B -15.62%
Pharmaceutical preparations $108.70B 5.23% $10.49B $9.98B 5.10%
Petroleum products, other $76.03B 3.66% $6.45B $6.82B -5.46%
Industrial machines, other $70.88B 3.41% $6.18B $6.00B 3.02%
Semiconductors $68.55B 3.30% $5.63B $4.56B 23.58%
Other parts and accessories of vehicles $58.46B 2.81% $5.37B $5.18B 3.68%
Electric apparatus $57.42B 2.76% $5.30B $4.72B 12.35%
Passenger cars, new and used $57.24B 2.75% $6.20B $5.75B 7.77%
Minimum value shipments $51.07B 2.46% $4.35B $4.60B -5.53%


  • Over the 12 months through March 2025, the U.S. exported the most to Canada ($349.37 billion), Mexico ($337.92 billion), and China ($138.51 billion).
  • Together, these countries accounted for 39.71 percent of the value of all U.S. exports over those 12 months.



Table 5. Top exports by destination country

Export destination Past 12 months Share of past 12 months Mar 2025 Mar 2024 Y/Y difference
Canada $349.37B 16.80% $31.79B $30.86B 3.02%
Mexico $337.92B 16.25% $29.36B $26.90B 9.15%
China $138.51B 6.66% $11.46B $12.77B -10.28%
Netherlands $90.20B 4.34% $8.53B $7.78B 9.63%
United Kingdom $83.80B 4.03% $8.73B $6.76B 29.19%
Japan $80.71B 3.88% $7.29B $6.82B 6.87%
Germany $76.83B 3.69% $8.13B $6.60B 23.25%
South Korea $65.27B 3.14% $5.80B $6.41B -9.39%
Brazil $50.96B 2.45% $4.65B $3.94B 18.26%
France $44.55B 2.14% $4.32B $3.74B 15.56%


  • Over the 12 months through March 2025, the port districts with the highest exports were Houston-Galveston, TX ($250.96 billion), Laredo, TX ($173.68 billion), and New York City, NY ($169.12 billion).




Table 6. Top exports by U.S. port district

Customs district Past 12 months Share of past 12 months Air Vessel Road, rail, and other
Houston-Galveston, TX $250.96B 12.07% $11.65B $239.13B $187.29M
Laredo, TX $173.68B 8.35% $519.54M $562.92M $172.60B
New York City, NY $169.12B 8.13% $123.19B $44.21B $1.72B
Detroit, MI $141.12B 6.79% $3.39B $1.02B $136.72B
New Orleans, LA $139.66B 6.71% $59.37B $78.04B $2.25B
Los Angeles, CA $128.88B 6.20% $65.12B $62.08B $1.68B
Low Value $97.85B 4.70% $0.00 $0.00 $97.85B
Chicago, IL $80.35B 3.86% $78.89B $582.12M $884.96M
Miami, FL $78.79B 3.79% $49.19B $28.26B $1.34B
Savannah, GA $70.55B 3.39% $24.64B $42.94B $2.97B


Imports


  • Over the 12 months through March 2025, the most imported goods by value were pharmaceutical preparations; passenger cars, new and used; and crude oil.
  • Together, these goods accounted for 19.65 percent of the value of all imported goods over those 12 months.



Table 7. Top imports by good

Imported good Past 12 months Share of past 12 months Mar 2025 Mar 2024 Y/Y difference
Pharmaceutical preparations $300.09B 8.67% $52.39B $19.74B 165.44%
Passenger cars, new and used $214.38B 6.20% $20.43B $17.11B 19.42%
Crude oil $165.57B 4.79% $11.70B $12.85B -9.00%
Other parts and accessories of vehicles $143.95B 4.16% $12.61B $12.83B -1.69%
Computers $128.61B 3.72% $12.61B $8.31B 51.73%
Finished metal shapes $122.98B 3.55% $19.62B $2.94B 568.42%
Cell phones and other household goods, n.e.c. $118.31B 3.42% $10.59B $7.74B 36.91%
Computer accessories $115.51B 3.34% $13.01B $6.78B 91.79%
Electric apparatus $105.34B 3.04% $9.24B $7.93B 16.60%
U.S. goods returned, and reimports $97.98B 2.83% $9.11B $7.79B 16.90%


  • Over the 12 months through March 2025, the U.S. imported the most from Mexico ($517.30 billion), China ($443.98 billion), and Canada ($420.70 billion).
  • Together, these countries accounted for 39.94 percent of the value of all U.S. imports over those 12 months.



Table 8. Top imports by country of origin

Import origin Past 12 months Share of past 12 months Mar 2025 Mar 2024 Y/Y difference
Mexico $517.30B 14.95% $47.98B $41.56B 15.44%
China $443.98B 12.83% $29.38B $29.94B -1.86%
Canada $420.70B 12.16% $35.67B $34.22B 4.24%
Germany $163.42B 4.72% $15.65B $14.26B 9.77%
Japan $149.06B 4.31% $13.46B $12.23B 10.04%
Vietnam $147.15B 4.25% $14.77B $9.96B 48.29%
Ireland $141.10B 4.08% $30.73B $7.98B 285.23%
South Korea $131.13B 3.79% $12.14B $11.60B 4.59%
Taiwan $127.44B 3.68% $12.40B $7.94B 56.24%
Switzerland $114.71B 3.32% $18.57B $3.67B 405.83%


  • Over the 12 months through March 2025, the port districts with the highest imports were New York City, NY ($410.44 billion), Los Angeles, CA ($403.52 billion), and Chicago, IL ($349.10 billion).




Table 9. Top imports by U.S. port district

Customs district Past 12 months Share of past 12 months Air Vessel Road, rail, and other
New York City, NY $410.44B 11.86% $223.36B $179.97B $7.11B
Los Angeles, CA $403.52B 11.66% $90.64B $312.47B $406.02M
Chicago, IL $349.10B 10.09% $237.20B $54.19B $57.71B
Laredo, TX $297.65B 8.60% $2.64B $2.67B $292.33B
Savannah, GA $187.56B 5.42% $69.23B $118.20B $133.07M
Detroit, MI $166.17B 4.80% $2.58B $8.03B $155.56B
Cleveland, OH $138.00B 3.99% $92.52B $39.07B $6.41B
New Orleans, LA $128.99B 3.73% $66.37B $57.94B $4.68B
Houston-Galveston, TX $120.04B 3.47% $8.33B $110.48B $1.23B
San Francisco, CA $119.90B 3.47% $61.57B $58.01B $321.07M


Import duties


  • In March 2025, the U.S. calculated $12.99 billion in import duties, which is 82.86 percent higher than the 12-month average.

  • Over the 12 months through March 2025, the U.S. calculated $85.25 billion in import duties.



  • Over the 12 months through March 2025, the top categories of goods by calculated duty revenue were apparel, textiles, nonwool or cotton ($8.64 billion); other parts and accessories of vehicles ($5.29 billion); and apparel, household goods - cotton ($5.24 billion).

  • The average applied duty rates on those goods were 15.58 percent, 3.84 percent, and 12.11 percent, respectively.



Table 10. Top calculated duties by good

Imported good Calculated duty Average applied duty rate
Apparel, textiles, nonwool or cotton $8.64B 15.58%
Other parts and accessories of vehicles $5.29B 3.84%
Apparel, household goods - cotton $5.24B 12.11%
Electric apparatus $4.76B 4.70%
Cell phones and other household goods, n.e.c. $3.99B 3.16%
Passenger cars, new and used $3.72B 1.67%
Industrial machines, other $3.27B 3.80%
Furniture, household goods, etc. $2.32B 5.48%
Industrial supplies, other $2.31B 4.96%
Footwear $2.27B 11.78%



Table 11. Top average applied duty rates by good

Imported good Calculated duty Average applied duty rate
Apparel, textiles, nonwool or cotton $8.64B 15.58%
Camping apparel and gear $1.97B 13.49%
Apparel, household goods - wool $375.72M 12.86%
Apparel, household goods - cotton $5.24B 12.11%
Footwear $2.27B 11.78%
Glassware, chinaware $345.56M 11.76%
Glass-plate, sheet, etc. $253.98M 9.81%
Nontextile floor tiles $694.57M 9.78%
Cotton cloth, fabrics $91.03M 9.39%
Iron and steel, advanced $1.26B 8.57%


  • Over the 12 months through March 2025, the top countries of origin by calculated duty revenue were China ($52.05 billion), Vietnam ($5.52 billion), and Mexico ($2.98 billion).

  • The average applied duty rates on the goods from those countries were 11.93 percent, 3.62 percent, and 0.58 percent, respectively.




Table 12. Top calculated duties by country of origin

Country of origin Calculated duty Average applied duty rate
China $52.05B 11.93%
Vietnam $5.52B 3.62%
Mexico $2.98B 0.58%
Germany $2.32B 1.41%
Japan $2.31B 1.52%
India $2.25B 2.37%
Italy $1.72B 2.21%
Indonesia $1.44B 4.86%
Bangladesh $1.35B 15.07%
Taiwan $1.15B 0.91%



Table 13. Top average applied duty rates by country of origin

Country of origin Calculated duty Average applied duty rate
Bangladesh $1.35B 15.07%
China $52.05B 11.93%
Sri Lanka $323.48M 10.13%
Uruguay $131.20M 9.79%
Pakistan $504.76M 9.66%
Macao $8.25M 7.89%
Paraguay $31.89M 7.73%
Azerbaijan $12.97M 7.30%
Burma (Myanmar) $49.53M 7.24%
Belarus $1.29M 7.17%


Prices and inflation


Exports


  • Inflation of all exports was 2.42 percent year-over-year.

    • Inflation of agricultural exports was 1.37 percent year-over-year.
    • Inflation of nonagricultural exports was 2.45 percent year-over-year.




Table 14. Exported goods inflation

Mar 2025 Feb 2025 M/M difference Mar 2024 Y/Y difference
Month-over-month inflation
All exports 0.00% 0.53% -0.53pp 0.13% -0.13pp
Agricultural exports 0.04% 0.61% -0.57pp -0.96% 1.00pp
Nonagricultural exports -0.07% 0.55% -0.62pp 0.28% -0.35pp
Foods, feeds, and beverages 0.21% 0.60% -0.39pp -1.21% 1.42pp
Industrial supplies and materials -0.58% 1.02% -1.60pp 0.45% -1.03pp
Capital goods 0.48% 0.08% 0.40pp 0.00% 0.48pp
Automotive vehicles, parts, and engines 0.23% 0.15% 0.08pp 0.00% 0.23pp
Consumer goods 0.25% 0.34% -0.09pp 0.43% -0.18pp
Year-over-year inflation
All exports 2.42% 2.56% -0.14pp -1.52% 3.94pp
Agricultural exports 1.37% 0.35% 1.02pp -8.50% 9.87pp
Nonagricultural exports 2.45% 2.81% -0.36pp -0.70% 3.15pp
Foods, feeds, and beverages 3.38% 1.91% 1.47pp -9.09% 12.47pp
Industrial supplies and materials 3.04% 4.10% -1.06pp -3.28% 6.32pp
Capital goods 2.04% 1.55% 0.49pp 1.57% 0.47pp
Automotive vehicles, parts, and engines 2.66% 2.43% 0.23pp 2.98% -0.32pp
Consumer goods 0.85% 1.02% -0.17pp -0.92% 1.77pp


Imports


This inflation can reflect both changes in trade policy and the composition of goods imported in each category. See the Notes section for important information on interpreting this data.


  • Inflation of all imports was 2.51 percent year-over-year.

    • Inflation of fuels imports was -5.22 percent year-over-year.
    • Inflation of all imports excluding fuels was 3.08 percent year-over-year.




Table 15. Imported goods inflation

Mar 2025 Feb 2025 M/M difference Mar 2024 Y/Y difference
Month-over-month inflation
All imports 1.33% 0.31% 1.02pp 0.36% 0.97pp
Fuels and lubricants -2.31% 1.58% -3.89pp 4.96% -7.27pp
All imports, excluding fuels 1.55% 0.18% 1.37pp 0.02% 1.53pp
Foods, feeds, and beverages 0.68% 0.04% 0.64pp 1.70% -1.02pp
Industrial supplies and materials 0.76% 1.34% -0.58pp 2.38% -1.62pp
Capital goods 2.35% 0.00% 2.35pp -0.40% 2.75pp
Automotive vehicles, parts, and engines 1.98% -0.20% 2.18pp 0.10% 1.88pp
Consumer goods 0.63% 0.06% 0.57pp -0.87% 1.50pp
Year-over-year inflation
All imports 2.51% 1.53% 0.98pp 0.49% 2.02pp
Fuels and lubricants -5.22% 1.84% -7.06pp 5.08% -10.30pp
All imports, excluding fuels 3.08% 1.52% 1.56pp 0.14% 2.94pp
Foods, feeds, and beverages 7.36% 8.45% -1.09pp 4.63% 2.73pp
Industrial supplies and materials 3.27% 4.92% -1.65pp -0.49% 3.76pp
Capital goods 2.51% -0.25% 2.76pp -0.41% 2.92pp
Automotive vehicles, parts, and engines 3.43% 1.52% 1.91pp 2.40% 1.03pp
Consumer goods 0.22% -1.27% 1.49pp 0.55% -0.33pp


Upcoming releases


Date Time Release Data source
May 07 10:00 AM Monthly Debt Update, May 2025 U.S. Treasury
May 13 08:30 AM Monthly Inflation Update, April 2025 Bureau of Labor Statistics
May 13 10:00 AM Monthly Fiscal Update, April 2025 U.S. Treasury
May 21 10:00 AM State Employment Update, April 2025 Bureau of Labor Statistics
May 29 08:30 AM Monthly GDP Update, Q1 2025 Second Estimate Bureau of Economic Analysis
May 30 08:30 AM Monthly Expenditures Update, April 2025 Bureau of Economic Analysis
Jun 05 08:30 AM Monthly Trade Update, April 2025 Bureau of Economic Analysis
Jun 06 08:30 AM Monthly Employment Update, May 2025 Bureau of Labor Statistics
Jun 06 10:00 AM Monthly Debt Update, June 2025 U.S. Treasury


Notes


Sources: Bureau of Economic Analysis; U.S. Census Bureau; U.S. Department of the Treasury; Bureau of Labor Statistics; JEC Republicans calculations


Terminology


Duty: Customs duties are calculated by Customs and Border Protection and may overstate or understate the final total that is ultimately collected by the U.S. Treasury. These duties include tariffs.

Average applied duty rate: The sum of calculated duties as a share of total imports for consumption.

Imports for consumption: The total value of goods cleared through U.S. Customs either by entering consumption channels immediately or by entering via a bonded warehouse or Foreign Trade Zone under CBP custody.

Bonded warehouses: Private warehouses that hold goods after arrival to the U.S. under a bond that indemnifies the government until import duties are paid for those goods.

Foreign Trade Zones: Areas in or around ports where goods brought to the U.S. can be processed and modified before entering customs territory. If these goods leave the U.S. instead of entering U.S. customs territory, they are considered re-exports.

This type of imports include only those goods that enter U.S. customs territory, not all goods that physically arrive in U.S. ports. Duties are only paid on those goods that enter customs territory, so this type of imports is used in the “Import duties” section of this update.

Port district: Groups of air, land, and sea ports, typically in close geographical proximity to one another, categorized by CBP. The full list of districts and their ports are published in Schedule D, a statistical annex in the Harmonized Tariff Schedule, and can be found here.

N.E.C.: “Not elsewhere classified”

Y/Y difference: The change from the same month one year prior.


Adjustments


Census basis: All data on the international trade of goods comes from the U.S. Census Bureau, which gathers data from U.S. Customs and Border Protection (CBP), Canadian Customs, and Statistics Canada. The Bureau of Economic Analysis (BEA) makes some adjustments to this data to create the headline trade figures shown in the section above, such as including nonmonetary gold trade, goods procured in foreign ports by U.S. carriers, goods procured in U.S. ports by foreign carriers, imports by U.S. military agencies, and more. The full list of adjustments can be found here.


  • In March, adjustments to exports amounted to $2.13 billion, or 0.01 percent.

  • In March, adjustments to imports amounted to $2.48 billion, or 0.01 percent.

  • Therefore, in total, the trade balance figure for March adjusted by BEA is $352.00 million higher than the respective Census basis figure.


  • Over the 12 months through March 2025, adjustments to exports amounted to $20.17 billion, or 0.01 percent.

  • Over the 12 months through March 2025, adjustments to imports amounted to $28.32 billion, or 0.01 percent.

  • Therefore, in total, the trade balance figure for the past 12 months adjusted by BEA is $8.14 billion higher than the respective Census basis figure.


Balance of payments: The data adjusted by the BEA to align with its concepts and definitions used in the international and national economic accounts.

Corrections to exports to Canada: The data for exports to Canada in the current year are estimates of late arrivals and corrections. These values are adjusted to the actual value annually.

Duty effect: JEC Republicans adjust the price index for imported goods from BLS, which excludes import duties, with the average applied duty rates derived from Census data to estimate post-duty price indexes. These rates are affected by changes in policy that impact the proportion of each good’s value collected by the government as a duty. Additionally, because these rates are averaged across broad categories of goods, changes can reflect the composition of goods imported within the category, for example a relative shift from goods with high duty rates toward those with lower duty rates. Therefore, the post-duty price index inflation reported may reflect not only policy changes but also shifts in the composition of imports.

Totals: Totals of values “from March 2024 to March 2025” are the sum over 12 months, inclusive of the latter month but not the former. Year-over-year values represent the change from March 2024 to March 2025.