March 2023 Sees Surging Durable Goods, Lower Trade Deficit, Rising Inventories

Highlights

• US durable goods orders up by 3.2%, led by transportation equipment
• International trade deficit decreased by $7.4B in March
• Wholesale and retail inventories increased in March

US Durable Goods Orders Increase

In March 2023, new orders for durable goods in the United States increased by $8.6 billion or 3.2 percent to $276.4 billion, following two consecutive monthly decreases. Excluding transportation, new orders increased by 0.3 percent, while excluding defense, new orders increased by 3.5 percent. The increase was led by transportation equipment, which increased by $8.1 billion or 9.1 percent to $97.4 billion.

US Trade Deficit Shrinks in March

The U.S. Census Bureau released advance statistics for March 2023, which show that the international trade deficit decreased to $84.6 billion, down by $7.4 billion from February. Exports of goods increased by $4.9 billion to $172.7 billion, while imports of goods decreased by $2.5 billion to $257.3 billion.

US Wholesale Inventories Rise

Wholesale inventories in March were estimated at $919.9 billion, up by 0.1 percent from February and 9.3 percent from March 2022. Retail inventories in March were estimated at $773.4 billion, up by 0.7 percent from February and 8.4 percent from March 2022, with the January to February percentage change being revised from 0.2 percent to 0.3 percent.

For a look at all of today’s economic events, check out our economic calendar.