U.S. INTERNATIONAL TRADE DEFICIT UP $7.1 BLN

U.S. BEA - JUNE 4, 2020 - The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $49.4 billion in April, up $7.1 billion from $42.3 billion in March, revised. 

Exports, Imports, and Balance (exhibit 1) 

April exports were $151.3 billion, $38.9 billion less than March exports. April imports were $200.7 billion, $31.8 billion less than March imports. 

The April increase in the goods and services deficit reflected an increase in the goods deficit of $5.8 billion to $71.8 billion and a decrease in the services surplus of $1.3 billion to $22.4 billion. 

Year-to-date, the goods and services deficit decreased $26.0 billion, or 13.4 percent, from the same period in 2019. Exports decreased $79.8 billion or 9.5 percent. Imports decreased $105.8 billion or 10.2 percent. 

Three-Month Moving Averages (exhibit 2) 

The average goods and services deficit increased $2.5 billion to $42.1 billion for the three months ending in April. 

• Average exports decreased $19.7 billion to $184.4 billion in April.
• Average imports decreased $17.3 billion to $226.5 billion in April. 

Year-over-year, the average goods and services deficit decreased $6.3 billion from the three months ending in April 2019. 

• Average exports decreased $26.7 billion from April 2019.
• Average imports decreased $33.0 billion from April 2019. 

Exports (exhibits 3, 6, and 7) 

Exports of goods decreased $32.2 billion to $95.5 billion in April. 

  Exports of goods on a Census basis decreased $32.0 billion. 

• Capital goods decreased $10.1 billion.
  • Civilian aircraft engines decreased $2.2 billion.
  • Civilian aircraft decreased $2.1 billion.
  • Other industrial machinery decreased $1.0 billion.
• Industrial supplies and materials decreased $9.1 billion.
  • Crude oil decreased $2.0 billion.
  • Fuel oil decreased $1.7 billion.
  • Other petroleum products decreased $1.1 billion.
• Automotive vehicles, parts, and engines decreased $7.4 billion.
  • Automotive parts and accessories decreased $2.6 billion.
  • Passenger cars decreased $2.4 billion.
  • Trucks, buses, and special purpose vehicles decreased $1.2 billion. 

  Net balance of payments adjustments decreased $0.2 billion. 

Exports of services decreased $6.7 billion to $55.8 billion in April. 

• Travel decreased $3.4 billion.
• Transport decreased $2.3 billion. 

Imports (exhibits 4, 6, and 8) 

Imports of goods decreased $26.4 billion to $167.4 billion in April. 

  Imports of goods on a Census basis decreased $26.2 billion. 

• Automotive vehicles, parts, and engines decreased $14.6 billion.
  • Passenger cars decreased $6.9 billion.
  • Automotive parts and accessories decreased $4.1 billion.
  • Trucks, buses, and special purpose vehicles decreased $2.3 billion.
• Capital goods decreased $5.8 billion.
  • Semiconductors decreased $1.4 billion.
  • Electric apparatus decreased $0.8 billion.
  • Civilian aircraft decreased $0.7 billion.
  • Civilian aircraft engines decreased $0.7 billion.
• Consumer goods decreased $3.1 billion.
  • Pharmaceutical preparations decreased $1.2 billion.
  • Cotton apparel and household goods decreased $1.1 billion. 

  Net balance of payments adjustments decreased $0.2 billion. 

Imports of services decreased $5.4 billion to $33.3 billion in April. 

• Travel decreased $2.9 billion.
• Transport decreased $2.0 billion. 

Real Goods in 2012 Dollars – Census Basis (exhibit 11) 

The real goods deficit increased $4.1 billion to $80.0 billion in April. 

• Real exports of goods decreased $29.2 billion to $113.8 billion.
• Real imports of goods decreased $25.1 billion to $193.8 billion. 

Revisions 

Exports and imports of goods and services for all months through March 2020 shown in this release reflect the incorporation of annual revisions to the goods and services series. See the “Notice” in this release for a description of the revisions. 

Revisions to March exports 

• Exports of goods were revised down $0.4 billion.
• Exports of services were revised up $2.8 billion. 

Revisions to March imports 

• Imports of goods were revised up less than $0.1 billion.
• Imports of services were revised up $0.3 billion. 

Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19) 

The April figures show surpluses, in billions of dollars, with South and Central America ($2.9), OPEC ($1.4), Brazil ($0.8), Saudi Arabia ($0.3), and Hong Kong (less than $0.1). Deficits were recorded, in billions of dollars, with China ($26.0), European Union ($14.3), Germany ($4.0), Japan ($3.6), Mexico ($3.3), South Korea ($2.3), Taiwan ($2.2), Italy ($2.0), India ($1.9), France ($1.4), Singapore ($1.1), Canada ($0.4), and United Kingdom ($0.4). 

• The deficit with China increased $9.0 billion to $26.0 billion in April. Exports increased $2.1 billion to $9.3 billion and imports increased $11.0 billion to $35.2 billion.
• The surplus with South and Central America decreased $2.1 billion to $2.9 billion in April. Exports decreased $4.3 billion to $8.7 billion and imports decreased $2.2 billion to $5.8 billion.
• The deficit with Mexico decreased $5.6 billion to $3.3 billion in April. Exports decreased $7.0 billion to $12.4 billion and imports decreased $12.6 billion to $15.8 billion. 

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