Trade Deficit Jumps as Imports Soar, Exports Slip
Trade statistics released June 4 by the Department of Commerce show that the U.S. trade deficit soared 16.8% in April to $47.2 billion. Exports edged down to 0.3% to $193.3 billion, though the Department of Commerce noted that transport and telecommunications, computers , and information services exports were at record high levels, while imports gained 2.7% to $240.6 billion. Compared to a year earlier, the April trade deficit was up $6.8 billion as exports increased 3.0% and imports grew by 5.4%.
The monthly deficit in goods trade rose 8.4% in April to $65.8 billion. Exports of goods were unchanged at $135.1 billion while imports climbed 2.6% to $200.9 billion. The services surplus fell 8.8% to $18.6 billion as exports slipped 1.0% to $58.2 billion and imports gained 3.4% to $39.7 billion.
With respect to individual trading partners, the U.S. saw larger trade deficits with China (up 33.8% to $27.3 billion), the European Union (up 21.7% to $14.0 billion), Germany (up 18.6% to $7.0 billion), Japan (up 1.7% to $6.0 billion), Saudi Arabia (up 27.3% to $4.2 billion), India (up 40.9% to $3.1 billion), Canada (up 17.4% to $2.7 billion), Ireland (up 44.4% to $2.6 billion), South Korea (up 76.9% to $2.3 billion) and Venezuela (up 11.1% to $2.0 billion). The trade deficit with Mexico fell 9.8% to $4.6 billion.
The U.S. continued to run trade surpluses with Hong Kong (up 12.5% to $2.7 billion), Australia (up 7.7% to $1.4 billion), Brazil (down 38.9% to $1.1 billion) and Singapore (down 30.8% to $0.9 billion).