According to the latest data available from the United States Census Bureau and U.S. Bureau of Economic Analysis, the U.S. trade gap is narrowing. Information released June 8 shows that exports rose 1.1% in April while imports fell by 1.4%. The trade gap between exports and imports fell by 8.2% from April to March.
U.S. exports rose $2.3 billion from March to $205.0 billion, while imports fell $3.8 billion to $273.9 billion, leaving a trade gap of $68.9 billion.
Export growth was mostly driven by goods exports, which rose $1.6 billion to $145.3 billion in April, while services exports made up the remaining $700 million increase. Higher sales of capital goods and industrial supplies helped offset losses in auto parts and vehicles.
Capital goods exports rose $2.1 billion, of which civilian aircraft made up $1.4 billion—a positive sign for a resurgent travel industry. Exports of industrial supplies and materials rose a net $800 million, with increases in oil and petroleum products between $1-0.5 billion offsetting a drop in the amount of nonmonetary gold, which fell $1.3 billion.
Goods exports gains were offset by losses in automotive goods exports, which declined by $1 billion in April. Automotive parts and accessories exports declined by $400 million, and exports of trucks, busses, and other special purpose vehicles fell $400 million more.
The change in imports was also mostly driven by goods, which decreased by $4.6 billion in April. Imports of consumer goods fell $2.6 billion, with toys and sporting goods and household appliances imports each falling by $700 million. Imports of cell phones and other household goods, on the other hand, rose by $1.7 billion.
Outside of consumer goods, imported automotive parts and vehicles fell a total of $1.1 billion. Imports of auto parts and accessories fell $700 million, and the total value of imported passenger cars decreased by $500 million.
On the individual-countries level, U.S. trade deficits with China and the European Union. The U.S.-China trade gap decreased from $7.1 billion to $32.4 billion as exports to China rose $1 billion to $13.1 billion and imports fell $6 billion to $45.5 billion. The deficit with the E.U. fell $1 billion to $16.1 billion. On the other side, the U.S. maintained surpluses with South and Central America, Hong Kong, and Brazil of more than a billion dollars each.
