Updated: 06-Jun-18 09:40 ET
|Updated: 06-Jun-18 09:40 ET
- The trade deficit was better than expected in April, narrowing to $46.2 billion (Briefing.com consensus -$48.8 billion) from an upwardly revised $47.2 billion (from -$49.0 billion) in March.
- The narrowing was the result of exports being $0.6 billion more than March exports and imports being $0.4 billion less than March imports.
- Exports of industrial supplies and materials increased $1.3 billion. Exports of capital goods decreased $1.4 billion, which was owed to a $2.8 billion decline in exports of civilian aircraft.
- Imports of consumer goods decreased $2.8 billion, driven in large part by a $2.2 billion decrease in cell phones and other household goods
- Imports of autos, parts, and engines decreased $0.9 billion
- Imports of industrial supplies and materials jumped $1.2 billion, bolstered by a $1.0 billion increase in crude oil imports
- The trade deficit with China decreased $3.4 billion to $30.8 billion in April, as exports decreased $1.4 billion and imports decreased $4.7 billion
- The key takeaway from the report is that the real goods deficit in April was 6.0% less than the first quarter average, which suggests net exports should be factored as a positive input for upbeat Q2 GDP growth forecasts.