by Bill McBride on 6/10/2010 09:07:00 AM
Thursday, June 10, 2010
The Census Bureau reports:
[T]otal April exports of $148.8 billion and imports of $189.1 billion resulted in a goods and services deficit of $40.3 billion, up from $40.0 billion in March, revised. April exports were $1.0 billion less than March exports of $149.8 billion. April imports were $0.8 billion less than March imports of $189.9 billion.Click on graph for larger image.
The first graph shows the monthly U.S. exports and imports in dollars through April 2010.
On a year-over-year basis, exports are up 20% and imports are up 24%. This is an easy comparison because of the collapse in trade at the end of 2008 and into early 2009.
The second graph shows the U.S. trade deficit, with and without petroleum, through April.
The blue line is the total deficit, and the black line is the petroleum deficit, and the red line is the trade deficit ex-petroleum products.
Import oil prices increased slightly to $77.13 in April - and are up 97% from the low of February 2009 (at $39.22). Oil import volumes were down in April.
Although both imports and exports were off slightly in April, both have been increasing sharply - but are still below the pre-crisis levels. Once again China and oil are the major contributors to the trade deficit.
Posted by Bill McBride on 6/10/2010 09:07:00 AM