US March Trade superior items commerce steadiness -$87.8B versus $-86.95 billion estimate

The good trade deficit does not include services (by definition). The services piece of international is a positive with exports greater than imports. The wider goods and services trade balance data will be released on May 5. Last month the combined figure showed a deficit $-57.3 billion.

The data are compiled by U.S. Customs and Border Protection and track the movement of goods between the United States and foreign countries, including all 50 states, D.C., Puerto Rico, the U.S. Virgin Islands, and Foreign Trade Zones. They include both government and private shipments but exclude certain categories such as trade with U.S. territories, military and diplomatic transactions, returned goods, personal items, and in-transit shipments. Notably, U.S. exports to Canada are estimated using Canada’s import data.

For imports, values reflect the price paid for goods entering the U.S., excluding additional costs like duties, freight, and insurance. Exports are valued based on the price of goods at the U.S. port of departure, including inland transportation and related costs up to the point where the goods are loaded for shipment.

In other data released by the Census department:

• Wholesale inventories (March): $932.8B (+1.4% m/m, +2.9% y/y)
• Prior wholesale revision: February revised slightly higher to +0.9% (from +0.8%)
• Retail inventories (March): $823.5B (+0.7% m/m, +2.3% y/y)
• Prior retail revision: February revised up to +0.3% (from +0.2%)

Key takeaway: Inventory levels continued to rise in both wholesale and retail sectors, with wholesale showing the stronger monthly build