US trade deficit narrows to 19% for April

• Exports increase 3.5%, imports declined 3.4%

The trade gap in goods and services fell 19.1% in April from March to a seasonally adjusted $87.1 billion, the US Commerce Department said Tuesday.

US imports fell by 3.4% due to softening domestic demand for foreign goods and materials, narrowing the trade deficit by the most in nearly nine and a half years. 

Data for March was revised to show the trade deficit dropping to $107.7 billion against the previously reported $109.8 billion.

Stating statistics

Imports fell 3.4% to $339.7 billion, the first month-on-month decline since July last year, driven by a drop in finished metal, computers, clothing, household goods, toys, and pharmaceutical products. 

In April, exports of goods and services increased 3.5% to an all-time high of $252.6 billion. 

Petroleum exports increased to $27.2 billion from $26.3 billion in March. Capital goods exports increased by $1.2 billion to $47.5 billion, the highest since March 2019, with civilian aircraft shipments rising by $1.3 billion.

Exports of services increased from $2.4 billion to $76.5 billion, lifted by gains in both travel and transport.

Source: Commerce Department

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