by Bill McBride on 6/09/2011 09:15:00 AM
Thursday, June 09, 2011
The Department of Commerce reports:
[T]otal April exports of $175.6 billion and imports of $219.2 billion resulted in a goods and services deficit of $43.7 billion, down from $46.8 billion in March, revised. April exports were $2.2 billion more than March exports of $173.4 billion. April imports were $1.0 billion less than March imports of $220.2 billion.The first graph shows the monthly U.S. exports and imports in dollars through April 2011.
Click on graph for larger image.
Exports increased in April and imports declined (seasonally adjusted). Exports are well above the pre-recession peak and up 19% compared to April 2010; imports are up about 16% compared to April 2010.
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.
The petroleum deficit decreased in April as the quantity imported decreased sharply even as prices increased. Oil averaged $103.18 per barrel in April, up from $77.13 in April 2010. There is a bit of a lag with prices, but it is possible prices will be a little lower in May.
The trade deficit was smaller than the expected $48.9 billion.
Posted by Bill McBride on 6/09/2011 09:15:00 AM