Background

The monthly U.S. trade deficit in goods and services fell sharply from its all-time high in April amid surging exports and falling imports.

According to statistics from the Department of Commerce, imports fell 3.4 percent from March to April, to $339.7 billion. Imports of goods declined 4.8 percent to $283.8 billion, including decreases of $5.6 billion in finished metal shapes, $1.9 billion in computers, and $1.3 billion in textile, apparel, and household goods. Imports of services gained 1.6 percent to $55.9 billion. For the year-to-date, total imports were up 24.3 percent from April 2021.

Exports saw a 3.5 percent increase to a record-high $252.6 billion. Exports of goods were up 3.6 percent, including increases of $2.1 billion in soybeans, $1.3 billion in civilian aircraft, and $0.9 billion in natural gas. Services exports also gained, up 3.2 percent to $76.5 billion. For the year-to-date, total exports were up 18.8 percent from a year earlier.

With exports up and imports down, the monthly U.S. trade deficit plummeted 19.1 percent in April to $87.1 billion. The deficit in goods trade fell 15.1 percent to $107.7 billion while the services trade surplus gained 7.8 percent to $20.7 billion. For the year-to-date, the overall trade deficit was up 41.1 percent from April 2021.

Country/region

Deficit

% Change

Surplus

% Change

China

$38.9 billion

-28.2

 

 

European Union

$17.0 billion

+9.0

 

 

Mexico

$11.5 billion

+8.5

 

 

Vietnam

$11.1 billion

n/a

 

 

Canada

$8.7 billion

-15.5

 

 

Ireland

$6.0 billion

n/a

 

 

Japan

$5.6 billion

-8.2

 

 

Germany

$5.2 billion

-16.1

 

 

Taiwan

$3.9 billion

-20.4

 

 

South Korea

$3.9 billion

+25.8

 

 

India

$3.8 billion

+18.8

 

 

Italy

$3.3 billion

-2.9

 

 

Malaysia

$3.1 billion

n/a

 

 

Switzerland

$2.9 billion

n/a

 

 

France

$1.7 billion

+112.5

 

 

Saudi Arabia

$0.9 billion

-10

 

 

Israel

$0.6 billion

n/a

 

 

South/Central America

 

 

$7.7 billion

+14.9

Netherlands

 

 

$3.0 billion

n/a

Brazil

 

 

$2.4 billion

+100.0

Hong Kong

 

 

$2.2 billion

+69.2

Australia

 

 

$1.4 billion

n/a

United Kingdom

 

 

$1.0 billion

+100.0

Belgium

 

 

$0.6 billion

n/a

Singapore

 

 

$0.6 billion

Shift from $0.1 billion deficit

 

Copyright © 2022 Sandler, Travis & Rosenberg, P.A.; WorldTrade Interactive, Inc. All rights reserved.

ST&R: International Trade Law & Policy

Since 1977, we have set the standard for international trade lawyers and consultants, providing comprehensive and effective customs, import and export services to clients worldwide.

View Our Services 

Close

Cookie Consent

We have updated our Privacy Policy relating to our use of cookies on our website and the sharing of information. By continuing to use our website or subscribe to our publications, you agree to the Privacy Policy and Terms & Conditions.