Here's the full monthly report from the Census Bureau ( http://www.census.gov/foreign-trade/statistics/highlights/monthly.html). You can find the petroleum deficit of $17.0 billion mentioned in the Census Goods section near the middle as a bullet point.
Monthly Trade Highlights
March 2005 Highlights
This page shows the Balance, Exports and Imports for the current month and prior month, along with the percent change and dollar change between the two. The last column of the table shows the last time the percent change (or dollar change) was larger. Some interesting facts about this month's International Trade in Goods and Services report can be found at the bottom of the page.
Goods and Services on a Balance of Payments (BOP) Basis, seasonally adjusted - series began with January 1992 statistics.
All Values in billions of dollars
Percent Change from Prior Month
March 2005 (Billions of $) February 2005 (Billions of $) Percent Change from Prior Month Last time the Increase/Decrease in Percent Change was larger/When it Occurred Goods and Services Balance -$55.0 -$60.6 -9.2% -10.3% from November 2001 to December 2001 Exports $102.2 $100.7 1.5% 3.2% from November 2004 to December 2004 Imports $157.2 $161.3 -2.5% 2.9% from November 2001 to December 2001 Goods (BOP Basis) Balance -$59.4 -$64.6 -8.0% -8.3% from November 2001 to December 2001 Exports $72.1 $71.1 1.4% 4.4% from November 2004 to December 2004 Imports $131.5 $135.7 -3.1% -3.9% from November 2001 to December 2001
Dollar Change From Prior Month
March 2005 (Billions of $) February 2005 (Billions of $) Dollar Change From Prior Month Last time the Increase/Decrease in Dollar Change was larger/When it Occurred Goods and Services Balance -$55.0 -$60.6 -$5.6 -$5.8 from January 2001 to February 2001 Exports $102.2 $100.7 $1.5 $3.1 from November 2004 to December 2004 Imports $157.2 $161.3 -$4.1 -$5.8 from January 2001 to February 2001 Goods (BOP Basis) Balance -$59.4 -$64.6 -$5.2 -$5.5 from January 2001 to February 2001 Exports $72.1 $71.1 $1.0 $3.0 from November 2004 to December 2004 Imports $131.5 $135.7 -$4.2 -$5.1 from January 2001 to February 2001
- March exports of goods and services ($102.2 billion) and March exports of goods ($72.1 billion) were records.
- March exports of services ($30.1 billion) and imports of services ($25.7 billion) were records.
Goods on a Census Basis (seasonally adjusted)
Deficit
- The March petroleum deficit ($17.0 billion) was the second highest on record. The record ($18.0 billion) occurred in November 2004.
Exports
- March exports of $73.0 billion were a record.
- March exports of consumer goods ($9.5 billion) were a record.
- March exports of foods, feeds and beverages ($5.0 billion) were the highest since November 2003 ($5.0 billion).
- March exports of capital goods ($29.1 billion) were the highest since March 2001 ($29.1 billion).
Imports
- March imports of petroleum ($18.9 billion) were the second highest on record. The record ($19.6 billion) occurred in November 2004.
Country and other highlights (Census Basis, not seasonally adjusted)
- March exports to Canada ($18.9 billion) and imports from Canada ($23.9 billion) were records.
- March imports from Mexico ($14.1 billion) were the second highest on record. The record occurred in October 2004 ($14.5 billion).
- March exports to the European Union ($16.9 billion) and imports from the European Union ($26.2 billion) were records.
- The March deficit with Japan ($7.8 billion) was the highest since October 2000 ($8.5 billion).
- March imports from Japan ($12.8 billion) were the highest since October 2000 ($14.1 billion).
- March exports to China ($3.3 billion) were the highest since March 2004 ($3.4 billion).
- March exports to the NICs ($8.0 billion) were a record.
- March exports to South/Central America ($6.0 billion) were the highest since October 1997 ($6.1 billion).
- March imports from South/Central America ($10.1 billion) were a record.
- The February to March increase in the average price per barrel of crude petroleum ($4.29) was the largest month to month increase since the September to October 1990 increase ($4.45).
So by removing the petroleum deficit at $17.0 billion, the goods deficit would have been $42.4 billion rather than $59.4 billion. Annualizing the sans-oil figure by multiplying by 12 months, that would give an estimated annual trade deficit of $509 billion for goods rather than the $712 billion implied from estimating with 12 months of $59.4 billion.