U.S. Goods Trade Deficit Widens to $99.41 Billion in April
Summary
- Largest goods trade deficit since May ’22 and larger than expected.
- Exports rebound 0.5% in April, the fourth m/m gain in five months.
- Imports rise 3.1% vs. a 1.7% March drop.
The advance estimate of the U.S. international trade deficit in goods widened to $99.41 billion in April from $92.29 billion in March, according to the U.S. Census Bureau. This was the fifth straight month that the goods deficit had widened. The April deficit was the biggest since May 2022 and larger than a $97.99 billion shortfall in April 2023. A deficit of $92.3 billion for April had been expected by the Action Economics Forecast Survey. The deficit had reached a peak of $121.18 billion in March 2022. In Q1'24, the goods trade deficit widened to $274.63 billion, the largest since Q2'23, after rising to $264.19 billion in Q4'23. The goods trade deficit subtracted 0.66%-point from real GDP growth in Q1'24 after having added 0.31%-point in Q4'23.
Total exports increased 0.5% m/m (4.2% y/y) in April, up for the fourth month in five, following a 2.9% drop in March. However, exports had fallen 6.0% since a July 2022 high. The increase in exports in April reflected exports m/m gains of 5.4% (5.1% y/y) in nonfood consumer goods excluding autos, 4.4% (15.2% y/y) in other goods, 3.6% (2.5% y/y) in automotive vehicles & parts, and 3.5% (7.4% y/y) in capital goods excluding autos. To the downside, exports of foods, feeds & beverages fell 6.6% (-3.6% y/y) in April following a 7.0% decline in March and exports of industrial supplies & materials fell 3.2% (+2.2% y/y) after a 3.2% March fall; both registered the third m/m decrease in four months.
Total imports rose 3.1% m/m (3.2% y/y) in April, the fourth m/m rise in five months, after a 1.7% decline in March. Nevertheless, imports had fallen 7.0% since a March 2022 high. The rise in imports in April reflected imports m/m increases of 10.4% (12.0% y/y) in automotive vehicles & parts, 5.6% (3.6% y/y) in other goods, 3.5% (10.1% y/y) in capital goods excluding autos, and 2.1% (-8.3% y/y) in industrial supplies & materials. In contrast, imports of foods, feeds & beverages fell 0.5% (+6.1% y/y) in April following a 3.1% March drop and two consecutive m/m rises; imports of nonfood consumer goods excluding autos fell 0.4% (+0.2% y/y) after two successive m/m increases.
The advance international trade data can be found in Haver's USECON database. The expectation figure is from the Action Economics Forecast Survey, which is in AS1REPNA.
Winnie Tapasanun
AuthorMore in Author Profile »Winnie Tapasanun has been working for Haver Analytics since 2013. She has 20+ years of working in the financial services industry. As Vice President and Economic Analyst at Globicus International, Inc., a New York-based company specializing in macroeconomics and financial markets, Winnie oversaw the company’s business operations, managed financial and economic data, and wrote daily reports on macroeconomics and financial markets. Prior to working at Globicus, she was Investment Promotion Officer at the New York Office of the Thailand Board of Investment (BOI) where she wrote monthly reports on the U.S. economic outlook, wrote reports on the outlook of key U.S. industries, and assisted investors on doing business and investment in Thailand. Prior to joining the BOI, she was Adjunct Professor teaching International Political Economy/International Relations at the City College of New York. Prior to her teaching experience at the CCNY, Winnie successfully completed internships at the United Nations. Winnie holds an MA Degree from Long Island University, New York. She also did graduate studies at Columbia University in the City of New York and doctoral requirements at the Graduate Center of the City University of New York. Her areas of specialization are international political economy, macroeconomics, financial markets, political economy, international relations, and business development/business strategy. Her regional specialization includes, but not limited to, Southeast Asia and East Asia. Winnie is bilingual in English and Thai with competency in French. She loves to travel (~30 countries) to better understand each country’s unique economy, fascinating culture and people as well as the global economy as a whole.
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