The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $87.1 billion in April, down $20.6 billion from $107.7 billion in March, revised.
U.S. International Trade in Goods and Services Deficit
| Deficit: | $87.1 Billion | −19.1%° |
| Exports: | $252.6 Billion | +3.5%° |
| Imports: | $339.7 Billion | −3.4%° |
| Next release: Thursday, July 7, 2022
(°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, June 7, 2022 | ||
Exports, Imports, and Balance (exhibit 1)
April exports were $252.6 billion, $8.5 billion more than March exports. April imports were $339.7 billion, $12.1 billion less than March imports.
The April decrease in the goods and services deficit reflected a decrease in the goods deficit of $19.1 billion to $107.7 billion and an increase in the services surplus of $1.5 billion to $20.7 billion.
Year-to-date, the goods and services deficit increased $107.9 billion, or 41.1 percent, from the same period in 2021. Exports increased $151.3 billion or 18.8 percent. Imports increased $259.2 billion or 24.3 percent.
Three-Month Moving Averages (exhibit 2)
The average goods and services deficit decreased $0.3 billion to $94.3 billion for the three months ending in April.
- Average exports increased $8.3 billion to $243.2 billion in April..
- Average imports increased $8.0 billion to $337.4 billion in April.
- Average exports increased $40.4 billion from April 2021.
- Average imports increased $68.3 billion from April 2021.
Exports of goods increased $6.1 billion to $176.1 billion in April.
Exports of goods on a Census basis increased $6.0 billion.
- Industrial supplies and materials increased $2.3 billion.
- Natural gas increased $0.9 billion.
- Other petroleum products increased $0.7 billion.
- Other precious metals decreased $0.7 billion.
- Foods, feeds, and beverages increased $2.2 billion.
- Soybeans increased $2.1 billion.
- Automotive vehicles, parts, and engines decreased $1.0 billion.
- Civilian aircraft increased $1.3 billion.
Exports of services increased $2.4 billion to $76.5 billion in April.
- Travel increased $1.5 billion.
- Transport increased $0.3 billion.
Imports of goods decreased $13.0 billion to $283.8 billion in April.
Imports of goods on a Census basis decreased $13.0 billion.
- Consumer goods decreased $6.3 billion.
- Other textile apparel and household goods decreased $1.3 billion.
- Toys, games, and sporting goods decreased $1.1 billion.
- Pharmaceutical preparations decreased $1.0 billion.
- Industrial supplies and materials decreased $5.3 billion.
- Finished metal shapes decreased $5.6 billion.
- Capital goods decreased $2.6 billion.
- Computers decreased $1.9 billion.
- Automotive vehicles, parts, and engines increased $1.4 billion.
- Trucks, buses, and special purpose vehicles increased $1.2 billion.
Imports of services increased $0.9 billion to $55.9 billion in April.
- Travel increased $0.6 billion.
- Other business services increased $0.2 billion.
The real goods deficit decreased $19.3 billion to $116.2 billion in April.
- Real exports of goods increased $4.8 billion to $155.0 billion.
- Real imports of goods decreased $14.5 billion to $271.2 billion.
Exports and imports of goods and services for all months through March 2022 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 $0.6 billion.
- Exports of services were revised up $3.0 billion.
- Imports of goods were revised down $1.9 billion.
- Imports of services were revised up $2.2 billion.
The April figures show surpluses, in billions of dollars, with South and Central America ($7.7), Netherlands ($3.0), Brazil ($2.4), Hong Kong ($2.2), Australia ($1.4), United Kingdom ($1.0), Belgium ($0.6), and Singapore ($0.6). Deficits were recorded, in billions of dollars, with China ($34.9), European Union ($17.0), Mexico ($11.5), Vietnam ($11.1), Canada ($8.7), Ireland ($6.0), Japan ($5.6), Germany ($5.2), South Korea ($3.9), Taiwan ($3.9), India ($3.8), Italy ($3.3), Malaysia ($3.1), Switzerland ($2.9), France ($1.7), Saudi Arabia ($0.9), and Israel ($0.6).
- The deficit with China decreased $8.5 billion to $34.9 billion in April. Exports decreased $1.6 billion to $12.0 billion and imports decreased $10.1 billion to $46.9 billion.
- The deficit with Switzerland decreased $4.7 billion to $2.9 billion in April. Exports increased $0.7 billion to $2.2 billion and imports decreased $4.1 billion to $5.1 billion.
- The deficit with Mexico increased $1.7 billion to $11.5 billion in April. Exports increased $0.3 billion to $27.8 billion and imports increased $2.0 billion to $39.3 billion.
(exhibit 20)
Statistics on trade in goods and services by country and area are only available quarterly, with a one-month lag. With this release, first-quarter figures are now available.
The first-quarter figures show surpluses, in billions of dollars, with South and Central America ($25.0), Netherlands ($9.1), Singapore ($7.8), Brazil ($7.1), Australia ($6.1), United Kingdom ($5.8), Hong Kong ($4.5), Belgium ($2.6), and Saudi Arabia ($0.2). Deficits were recorded, in billions of dollars, with China ($112.7), European Union ($35.4), Mexico ($31.8), Vietnam ($27.2), Japan ($20.0), Canada ($19.1), Germany ($16.6), Taiwan ($14.1), Malaysia ($10.4), Italy ($9.7), India ($9.6), South Korea ($9.1), Switzerland ($8.0), France ($4.2), Israel ($2.2), and Ireland ($1.7).
- The deficit with China increased $22.9 billion to $112.7 billion in the first quarter. Exports decreased $1.1 billion to $50.0 billion and imports increased $21.8 billion to $162.7 billion.
- The deficit with Canada increased $9.6 billion to $19.1 billion in the first quarter. Exports decreased $1.1 billion to $99.5 billion and imports increased $8.5 billion to $118.6 billion.
- The surplus with the United Kingdom increased $2.5 billion to $5.8 billion in the first quarter. Exports increased $2.3 billion to $36.9 billion and imports decreased $0.2 billion to $31.1 billion.
All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in exhibits 1-20b of this release. For information on data sources, definitions, and revision procedures, see the explanatory notes in this release. The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services. The full schedule is available in the Census Bureau’s Economic Briefing Room at www.census.gov/economic-indicators/ or on BEA’s website at www.bea.gov/news/schedule.
Original source can be found here.
