Trade Deficit Worsens for April
The U.S. international trade deficit worsened slightly for April, according to a Commerce Department report (link opens in PDF) released today.
After falling to a revised $37.1 billion in March, this newest report puts the total trade deficit (exports minus imports) at $40.3 billion.
Although the deficit widened, April's numbers beat analyst expectations of a $41.2 billion gap. Exports managed a $2.2 billion bump, but a $5.4 billion import increase more than offset potential trade gains.
While services trade remained relatively unchanged (up $0.1 billion), goods proved to be the major mover. On the export side, consumer goods jumped up $2.0 billion, followed by capital goods ($0.9 billion) and automotive vehicles and parts ($0.6 billion). Industrial supplies exports fell $0.9 billion, while "other goods" slumped $0.5 billion. Even as overall exports ramped up, though, the U.S. imported $3.0 billion more of consumer goods, $1.3 billion more of automotive vehicles and parts, and $1.0 billion more of capital goods. Industrial supplies imports fell $0.3 billion .
Looking back, the trade deficit has managed a $6.3 billion improvement over the last year, due to both a 1.7% exports increase and a 1.4% drop in imports.
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