The US trade deficit in goods and services jumped 16.8% in April from a month earlier as the Covid-19 pandemic meant many businesses were operating on a limited capacity or none at all.
The deficit amounted to US$49.4bn for the month – up $7.1bn from $39.8bn in February. Exports were $151.3bn, a drop of $38.9bn on March; while imports were $31.8bn less at $200.7bn, according to trade statistics released by the Department of Commerce. Import and export totals were both the lowest in nearly ten years.
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The largest deficit was recorded with China, rising to $26bn from $15.5bn in March. Exports increased $2.1bn to $9.3bn and imports decreased $11bn to $35.2bn.
Other deficits were recorded with the EU ($14.3bn), Germany ($4bn), Japan ($3.6bn), Mexico ($3.3bn), South Korea ($2.3bn), Taiwan ($2.2bn), Italy ($2bn), India ($1.9bn), France ($1.4bn), and Singapore ($1.1bn).
Surpluses for the month of April were recorded with South and Central America ($2.9bn), OPEC ($1.4bn), Brazil ($0.8bn), Saudi Arabia ($0.3bn), and Hong Kong (less than $0.1bn).
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With the global garment industry collapsing under the weight of the Covid-19 pandemic throughout April, US apparel imports tumbled by more than a quarter on the previous month – with Central American suppliers Honduras and El Salvador recording the sharpest declines in shipments at more than 90% each.
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