Budgets of nitrate, dissolved oxygen, and particulate organic carbon (POC) were constructed from data collected on-board a Lagrangian, profiling float deployed between April 4 and May 25, 2008, as part of the North Atlantic Bloom Experiment. These measurements were used to estimate net community production (NCP) and apparent export of POC along the float trajectory. A storm resulting in deep mixing and temporary suspension of net production separated the bloom into early (April 23–27) and main (May 6–13) periods over which ∼264 and ∼805 mmol C m−2 were produced, respectively. Subtraction of the total POC production from the NCP yielded maximum estimates of apparent POC export amounting to ∼92 and 574 mmol C m−2 during the early and main blooms, respectively. The bloom terminated the following day and ∼282 mmol C m−2 were lost due to net respiration (70%) and apparent export (30%). Thus, the majority of the apparent export of POC occurred continuously during the main bloom and a large respiration event occurred during bloom Termination. A comparison of the POC flux during the main bloom period with independent estimates at greater depth suggest a rapid rate of remineralization between 60 and 100 m. We suggest the high rates of remineralization in the upper layers could explain the apparent lack of carbon overconsumption (C:N>6.6) in the North Atlantic during the spring bloom.