• Prior was -122.7B
• Goods trade balance -163.17B vs -161.9B prior
• Prior goods trade balance was -147.85B
• Exports +0.2%
• Imports +4.4%

This is the largest US trade deficit on record but it should improve in April/May once the front-run of tariffs is done.

Imports of goods increase by $17.8 billion to $346.8 billion in March and was led by a handful of notable categories:

• Pharmaceutical preparations increased $20.9 billion.
• Computer accessories increased $2.0 billion.
• Passenger cars increased $2.1 billion.

Meanwhile, industrial supplies and materials decreased $10.7 billion in the month as the gold-buying spree slowed and steel/aluminum tariffs hit:

• Finished metal shapes decreased $10.3 billion.
• Nonmonetary gold decreased $1.8 billion.
• Crude oil decreased $1.2 billion.

The drop in ‘finished metal shapes’ is a great sign of how tariffs were front-run and followed by a bust as this number fell 45% m/m and tariffs only began March 12.

See: Here is what a huge front-run of US tariffs looks like. Now for the bust

This article was written by Adam Button at www.forexlive.com.