Trade Deficit Falls as Exports Rise, Imports Fall

The U.S. trade deficit in goods and services fell 8.1 percent in April after two straight months of record highs, according to trade statistics from the Department of Commerce. The monthly trade deficit of $68.9 billion reflected a 1.1 percent increase in exports to $205.0 billion and a 1.4 percent decrease in imports to a $273.9 billion. The year-to-date deficit was up 50.5 percent from April 2020 (when trade volumes were significantly lower at the outside of the COVID-19 pandemic) as exports fell 5.6 percent and imports increased 14.6 percent.

The deficit in goods trade declined 6.7 percent in April to $86.7 billion. Imports of goods fell 1.9 percent to $232.0 billion, including decreases of $1.1 billion in automotive vehicles, parts, and engines and $900 million in textile, apparel, and household goods along with a $1.7 billion increase in cell phones and other household goods. Exports of goods rose 1.1 percent to $145.3 billion, including increases of $1.4 billion in civilian aircraft and $1.0 billion in crude oil along with decreases of $400 million in both automotive parts and accessories and trucks, buses, and special-purpose vehicles.

The services surplus slipped 0.6 percent to $17.8 billion, with imports up 1.7 percent to $41.9 billion and exports up 1.2 percent to $59.7 billion.

 

Country/region	Deficit	% Change	Surplus	% Change
China	$32.4 billion	-13.9
European Union	$16.1 billion	-4.7
Mexico	$10.0 billion	+19.0
Japan	$5.4 billion	+5.9
Germany	$5.1 billion	-7.3
Taiwan	$3.2 billion	+23.1
Canada	$3.0 billion	-3.2
Italy	$2.9 billion	0
India	$2.6 billion	+18.2
France	$1.9 billion	+26.7
South Korea	$1.2 billion	-42.9
South/Central America			$3.3 billion	-2.8
Hong Kong			$3.0 billion	+3.4
Brazil			$1.1 billion	+10.0
Singapore			$0.8 billion	+33.3
United Kingdom			$0.6 billion	+500
Saudi Arabia			$0.3 billion	Shift from <$0.1 billion deficit

 

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