The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $74.6 billion in April, up $14.0 billion from $60.6 billion in March, revised.Click on graph for larger image.
April exports were $249.0 billion, $9.2 billion less than March exports. April imports were $323.6 billion, $4.8 billion more than March imports.
Exports decreased and imports increased in April.
Exports are down 1% year-over-year; imports are down 4% year-over-year.
Both imports and exports decreased sharply due to COVID-19 and then bounced back - and both have been decreasing recently.
The second graph shows the U.S. trade deficit, with and without petroleum.
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.
Note that net, exports of petroleum products are positive and have picked up.
The trade deficit with China decreased to $20.3 billion in March, from $30.4 billion a year ago.
The trade deficit was slightly less than the consensus forecast.