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.