US Goods Gap Widens in March

The goods deficit in the US widened to $87.9 billion in March 2026 from $83.5 billion in February and compared to forecasts of an $87 billion gap. Exports of goods rose 2.5% to a record level of $211.5 billion, led by industrial supplies, the largest category, which increased 4.9%. This was followed by gains in capital goods (0.8%), foods, feeds and beverages (7.4%), and autos (5.1%). In contrast, exports of consumer goods, which account for about 10% of total goods exports, fell 7.5%. Meanwhile, imports of goods climbed at a faster 3.3% to $299.3 billion. Purchases of capital goods, which make up roughly 40% of total imports, rose 1%. Imports also increased for consumer goods (4.2%), industrial supplies (3.2%), autos (11%), and foods, feeds and beverages (3.3%).

The US goods trade deficit widened to $83.5 billion in February 2026 from an upwardly revised $80.9 billion in the previous month. Imports rose 5.1% to $289.7 billion. Meanwhile, exports grew 5.9% month-on-month to $206.2 billion.

The US goods trade deficit narrowed to $80.8 billion in January 2026 from $98.5 billion in the previous month. This marks the smallest deficit since October 2025, as exports rose while imports dropped. Exports grew 8.2% month-on-month to $194.8 billion, mainly driven by increased shipments of industrial supplies (15.1%) and capital goods (8.8%). Exports of foods, feeds, and beverages (4.7%) and other goods (37.1%) also went up. These largely offset declines in exports of consumer goods (-12.1%) and automotive vehicles, etc. (-6.0%). Meanwhile, imports fell 1.1% to $275.6 billion, amid reduced purchases of consumer goods (-5.8%), industrial supplies (-2.7%), and automotive vehicles, etc (-8.3%), which more than offset increases in imports of capital goods (3.1%), foods, feeds, and beverages (0.8%), and other goods (7.3%).