by Calculated Risk on 6/04/2014 08:30:00 AM
Wednesday, June 04, 2014
Trade Deficit increased in April to $47.2 Billion
The Department of Commerce reported this morning:
[T]otal April exports of $193.3 billion and imports of $240.6 billion resulted in a goods and services deficit of $47.2 billion, up from $44.2 billion in March, revised. April exports were $0.3 billion less than March exports of $193.7 billion. April imports were $2.7 billion more than March imports of $237.8 billion.The trade deficit was much larger than the consensus forecast of $41.0 billion.
The first graph shows the monthly U.S. exports and imports in dollars through April 2014.
![U.S. Trade Exports Imports](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjMB770c5J_J8KlwZE4V4Mfm8pzg1EwKZ2hBPo1iPHm2bc4S7F8Q8gebty4kaFlXXdwCAcmelRHrtw-8onIsJR7LwFTiKFLHr79VHXILYVTXRnYn0x3YeBvMNDh5ekxR6KS9yJe/s320/TradeApr2014.jpg)
Both imports and exports increased in April.
Exports are 17% above the pre-recession peak and up 3% compared to April 2013; imports are about 4% above the pre-recession peak, and up about 5% compared to April 2013.
The second graph shows the U.S. trade deficit, with and without petroleum, through April.
![U.S. Trade Deficit](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiGjs3JXBNjvi16r5uY44J4aUhXsPYl5iRLhSDg-Nyi-IHRYqLDBayyw1U3RMACsXOfx5Fw_9nxQ6eFHTT4KB5ehiRCTQUG6fy_g5wBnpg-crbe6Unh_AQ1nstMl1yf6ePdaOhH/s320/TradeDeficitApr2014.jpg)
Oil imports averaged $95.48 in April, up from $93.91 in March, and down from $97.74 in April 2013. The petroleum deficit has generally been declining and is the major reason the overall deficit has declined since early 2012.
The trade deficit with China increased to $27.3 billion in April, from $24.2 billion in April 2013. More than half of the trade deficit is related to China.
Overall it appears trade is picking up slightly.