View: Calculated Risk: Trade Deficit declines in April to $50.1 Billion
Calculated Risk: Trade Deficit declines in April to $50.1 Billion
by CalculatedRisk on 6/08/2012 08:30:00 AM
The Department of Commerce reported:[T]otal April exports of $182.9 billion and imports of $233.0 billion resulted in a goods and services deficit of $50.1 billion, down from $52.6 billion in March, revised. April exports were $1.5 billion less than March exports of $184.4 billion. April imports were $4.1 billion less than March imports of $237.1 billion.
The trade deficit was above the consensus forecast of $49.3 billion.
The first graph shows the monthly U.S. exports and imports in dollars through April 2012.
Exports decreased in April. Imports decreased even more. Exports are 11% above the pre-recession peak and up 4% compared to April 2011; imports are 2% above the pre-recession peak, and up about 6% compared to April 2011.
The second graph shows the U.S. trade deficit, with and without petroleum, through April.
Oil averaged $109.94 per barrel in April, up from $107.95 in March. Import oil prices will probably start to decline in May. The trade deficit with China increased to $24.6 billion in April, up from $21.6 billion in April 2011. Once again most of the trade deficit is due to oil and China.
Exports to the euro area were $16.3 billion in April, down from $17.1 billion in April 2011, so the euro area recession appears to be a drag on US exports.
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