US trade deficit jumps by nearly 17% in April as exports slump
By Alexander Bueso
Date: Thursday 04 Jun 2020
(Sharecast News) - America's shortfall on trade in goods and services with the rest of the world widened by less than expected in April.
According to the Department of Commerce, the total deficit for US trade in goods and services jumped from a downwardly revised deficit of $42.3bn for March to $49.4bn in April.
Economists at Barclays Research had anticipated a deficit of -$52.5bn.
Exports of goods and services were especially weak, falling at a 20.5% month-on-month pace to $151.3bn while imports declined by 13.7% to $200.7bn.
Goods exports were especially hard hit, dropping by $32.2bn to $95.5bn, with those of capital goods declining by $10.1bn, led by a $4.3bn drop in exports of aircraft and engines, those of industrial supplies by $9.1bn and those of automobiles, parts and engines by $7.4bn.
Services exports shrank by $6.7 to $55.8bn with the $3.4bn drop in travel accounting for the bulk of the decline.
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