Updated: 02-Jun-17 09:28 ET
|Updated: 02-Jun-17 09:28 ET
- The U.S. trade deficit widened to $47.6 billion in April (Briefing.com consensus -$44.3 billion) from a downwardly revised $45.3 billion (from -$43.7 billion) in March. The widening deficit was the result of exports being $0.5 billion less than March exports and imports being $1.9 billion more than March imports.
- Exports of consumer goods declined $0.72 billion, led by a $0.39 billion decline in exports of artwork, antiques, stamps, etc.
- Exports of automotive vehicles, parts, and engines declined $0.53 billion
- Imports of consumer goods increased $1.9 billion, led by a $1.76 billion increase in imports of cell phones and other household goods
- Imports of automotive vehicles, parts and engines fell $0.67 billion
- Imports of industrial supplies and materials were down $1.47 billion, driven by a $1.95 billion decline in imports of crude oil
- On a balance of payments basis, the deficit with China increased $4.2 billion to $81.9 billion in the first quarter
- The key takeaway from the report is that it will create a drag on second quarter GDP growth since the real trade deficit for April was higher than the first quarter average.