Friday, June 02, 2017

Trade Deficit increase to $47.6 Billion in April

by Bill McBride on 6/02/2017 11:59:00 AM

From the Department of Commerce reported:

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $47.6 billion in April, up $2.3 billion from $45.3 billion in March, revised. April exports were $191.0 billion, $0.5 billion less than March exports. April imports were $238.6 billion, $1.9 billion more than March imports.
U.S. Trade Exports Imports Click on graph for larger image.

Imports increased and exports decreased in April.

Exports are 15% above the pre-recession peak and up 5% compared to April 2016; imports are 3% above the pre-recession peak, and up 8% compared to April 2016.

In general, trade has been picking up.

The second graph shows the U.S. trade deficit, with and without petroleum.

U.S. Trade Deficit 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.

Oil imports averaged $45.40 in April, down from $46.26 in March, and up from $29.53 in April 2016.  The petroleum deficit had been declining for years - and is the major reason the overall deficit has mostly moved sideways since early 2012. 

The trade deficit with China increased to $27.6 billion in April, from $24.3 billion in April 2016.