Trade deficit at lowest level in six months

The U.S. Department of Commerce, announced today that total March exports of $102.2 billion and imports of $157.2 billion resulted in a goods and services deficit of $55.0 billion, $5.6 billion less than the $60.6 billion in February, revised, and the lowest level in six months, as U.S. exports climbed to an all-time high and the surge of textile shipments from China slowed. March exports were $1.5 billion more than February exports of $100.7 billion. March imports were $4.1 billion less than February imports of $161.2 billion.

Even with the big improvement in March, the deficit through the first quarter 2005 still is running at an annual rate of $696 billion, 12.8 percent higher than the $617.08 billion record set for all of 2004.

In March, the goods deficit decreased $5.2 billion from February to $59.4 billion, and the services surplus increased $0.4 billion to $4.4 billion. Exports of goods increased $1.0 billion to $72.1 billion, and imports of goods decreased $4.2 billion to $131.5 billion. Exports of services increased $0.5 billion to $30.1 billion, and imports of services increased $0.1 billion to $25.7 billion.

In March, the goods and services deficit was up $7.9 billion from March 2004. Exports were up $6.8 billion, or 7.1 percent, and imports were up $14.7 billion, or 10.3 percent.