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June 15, 2022

US trade deficit falls 19.1% in April

The US trade deficit in goods and services fell by more than 19% in April after topping US$100bn for what was understood to be the first time a month prior.

By Beth Wright

The goods and services deficit amounted to $87.1bn in April, down 19.1% or $20.6bn from $107.7bn in March, revised, according to trade statistics released by the US Census Bureau and the US Bureau of Economic Analysis.

April exports were $252.6bn, $8.5bn more than March exports, while April imports were $339.7bn, $12.1bn less than those a month prior.

The April decrease in the goods and services deficit reflected a decrease in the goods deficit of $19.1bn to $107.7bn and an increase in the services surplus of $1.5bn to $20.7bn.

Year-to-date, the goods and services deficit increased $107.9bn, or 41.1%, from the same period in 2021. Exports were up by $151.3bn or 18.8%. Imports, meanwhile, increased $259.2bn or 24.3%.

The largest deficit was recorded with China at $34.9bn, followed by the European Union at $17bn and Mexico at $11.5bn. Deficits were also recorded with 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).

Surpluses for the month of April, meanwhile, were recorded 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).

Prior to the revision, the US international trade deficit in goods and services was reported at $109.8bn in March, soaring by 22.3% on the month prior to top $1bn for what was understood to be the first time.

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