Trade Deficit Increased by $3 Billion in April

Trade Deficit Increased by $3 Billion in April

According to the U.S. Census Bureau and the U.S. Bureau of Economic Analysis, the trade deficit increased $3 billion dollars to a deficit of $47.2 billion dollars. U.S. imports totaled $240.6 billion up $2.7 billion from March and U.S. exports decreased $3 billion to $193.7 billion. From April of last year, the goods and services deficit increased $6.8 billion, with exports increasing 3% or $5.6 billion and imports increasing at a faster rate of 5.4% or $12.4 billion.

The decrease in exports from the previous month occurred in capital goods, foods, feeds, and beverages, automotive vehicles, parts, and engines, and consumer goods. There were increases in the exports of industrial supplies and materials, and other goods.

Imports of consumer goods, automotive vehicles, parts and engines, capital goods, other goods, foods, feeds, and beverages increased from March of this year. For the same time period, imports of industrial supplies and materials decreased.

Compared to the previous year, increases in exports were realized in capital goods, foods, feeds, and beverages, other goods, and industrial supplies and materials. Exports of consumer goods decreased and automotive vehicles, parts, and engines remained nearly the same for the same time period. Imports of consumer goods, capital goods, automotive vehicles, parts, and engines, foods, feeds, and beverages, industrial supplies and materials, and other goods increased for the month compared to April 2013.

The goods deficit with the European Union, China, and India increased from March of this year. “The goods deficit with the European Union increased from $11.2 billion in March to $13.1 billion in April.” The goods deficit increased $1.7 billion to $28 billion with China compared to March of this year. Lastly, the trade deficit with India reached $2.6 billion, up $0.6 billion from the previous month.