Summary
- The U.S. deficit in international trade in goods and services narrowed to $87.1 billion in April, following a record deficit of $107.7 billion in March.
- The one-off surge in imports in March was partially reversed in April. Exports of goods and services rose again in April on broad-based strength.
- The real trade deficit also narrowed significantly in April. Whereas real net exports were a significant drag on the headline rate of GDP growth in the first quarter, we look for them to make a modestly positive contribution to overall GDP growth in Q2.
- The value of American petroleum exports in the first four months of the year exceeded the value of U.S. imports of petroleum over the same period.