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

 

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