The U.S. trade deficit in goods and services increased by 14% in March to a record $140.5 billion. Imports of goods totaled $346.8 billion, and exports of goods totaled $183.2 billion. Import increases were seen across several categories, including pharmaceuticals, cars, and computer accessories. Industrial supplies and materials, including oil, decreased. The U.S runs a trade surplus in services, importing $72.2 billion in March while exporting $95.2 billion. Both imports and exports of travel decreased. The increase in imported goods is largely to avoid potential future tariffs. The decline in travel represents consumer anxiety over the future state of the economy.
Goods:
Services:
The increase in international trade benefited one Georgia city. The port of Savannah saw an increase of 26.2 percent in imports of standard 20-foot shipping containers (TEUs). In March 265,937 full TEUs were imported through the Port of Savannah, the highest since August 2022. Exports of full TEUs increased by 18.8 percent to 142,612, the highest since March 2019. Overall, over half a million containers passed through the Port of Savannah in March, the highest since October 2022.
The other major port in Georgia is Brunswick. Brunswick is a roll-on on roll-off port compared to the container port of Savannah. No monthly data is available for Brunswick, but the Colonel’s Island Terminal is the nation’s largest auto facility, so it almost certainly saw an increase in trade volume.
