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The US trade deficit in April was $50.8 billion down from the prior month's $51.9 billion (revised up from $50.08) . We saw a 10-year high deficit of $621 billion in 2018. The Chinese/US trade deficit rose again to -26,90 after - $20.75 billion from -$24.76 & -$34.47 prior.

US Trade April 19

US February trade defcit was smallest since June 2018.

Highlights

  • Exports -2.2% v +1.0% prior
  • Imports -2.2% v +1.1% prior
  • Goods deficit $74.9 v Prior $72.42B
  • Services surplus $20.9 v Prior $22.42B
  • US-China deficit $26.9V $20.75B Mar $24.76B Feb and $34.47B Jan prior Goods shipments to China down 20% year-to-date Imports from China -13.2% year-to-date
  • US-OPEC $100m surplus v $411m surplus

The December gap was also a 10-year high and wider than the median estimate of economists. The merchandise-trade deficit with China, which has been the focus of President Trump’s trade war hit a record $419.2 billion in 2018.

There is no way from hiding from theost of the trade war. The imbalance highlighted in January though lower alone shows how it has boosted the trade deficit with China over the period. Looking at the EU for comparison, exports and imports both surged, though imports did post a larger gain.

Balance of Trade in the United States averaged -14648.09 USD Million from 1950 until 2019, reaching an all time high of 1946 USD Million in June of 1975 and a record low of -67823 USD Million in August of 2006.

Trade Report Breakdown

April exports were $206.8 billion, $4.6 billion less than March exports. April imports were $257.6 billion, $5.7 billion less than March imports.

The April decrease in the goods and services deficit reflected a decrease in the goods deficit of $1.0 billion to $71.7 billion and an increase in the services surplus of $0.1 billion to $20.9 billion.

Year-to-date, the goods and services deficit increased $4.1 billion, or 2.0 percent, from the same period in 2018. Exports increased $8.3 billion or 1.0 percent. Imports increased $12.4 billion or 1.2 percent.

Exports

Exports of goods decreased $4.4 billion to $136.9 billion in April.

Exports of goods on a Census basis decreased $4.5 billion.

  •  Capital goods decreased $2.7 billion.
  • o Civilian aircraft decreased $2.3 billion.
  •  Automotive vehicles, parts, and engines decreased $0.8 billion.
  • o Passenger cars decreased $0.4 billion.
  • o Automotive parts and accessories decreased $0.3 billion.
  •  Consumer goods decreased $0.6 billion.
  • o Pharmaceutical preparations decreased $0.4 billion.
  • Net balance of payments adjustments increased $0.1 billion.

Exports of services decreased $0.2 billion to $69.9 billion in April.

  •  Travel (for all purposes including education) decreased $0.1 billion.
  •  Maintenance and repair services decreased $0.1 billion.

Imports

Imports of goods decreased $5.4 billion to $208.7 billion in April.

  • Imports of goods on a Census basis decreased $5.4 billion.
  •  Capital goods except automotive decreased $1.7 billion.
  • o Semiconductors decreased $0.9 billion.
  • o Civilian aircraft engines decreased $0.4 billion.
  •  Consumer goods decreased $1.1 billion.
  • o Gem diamonds decreased $0.7 billion.
  •  Automotive vehicles, parts, and engines decreased $1.0 billion.
  • o Passenger cars decreased $0.6 billion.
  •  Other goods decreased $0.8 billion. Industrial supplies and materials decreased $0.6 billion.
  • Net balance of payments adjustments decreased less than $0.1 billion.

Imports of services decreased $0.3 billion to $49.0 billion in April.

 Transport decreased $0.3 billion.

Real Goods in 2012 Dollars – Census Basis The real goods deficit decreased $1.1 billion to $81.9 billion in April.

  •  Real exports of goods decreased $5.1 billion to $146.0 billion.
  •  Real imports of goods decreased $6.2 billion to $227.9 billion.

Revisions

Exports and imports of goods and services for all months through March 2019 shown in this release reflect the incorporation of annual revisions to the goods and services series. See the “Notice” in this release for a description of the revisions.

Revisions to March exports  Exports of goods were revised down $0.4 billion.  Exports of services were revised down $0.2 billion

Goods by Selected Countries and Areas:

The April figures show surpluses, in billions of dollars, with

South and Central America ($4.2), Hong Kong ($2.4), Brazil ($0.9), and Singapore ($0.6). Deficits were recorded, in billions of dollars, with China ($29.4), European Union ($15.1), Mexico ($7.9), Japan ($6.5), Germany ($5.4), Italy ($3.1), Taiwan ($2.0), France ($2.0), Canada ($1.8), South Korea ($1.5), India ($1.3), United Kingdom ($0.4), Saudi Arabia ($0.2), and OPEC (less than $0.1).

 The deficit with the European Union decreased $1.0 billion to $15.1 billion in April. Exports decreased $0.4 billion to $27.0 billion and imports decreased $1.4 billion to $42.1 billion.

 The deficit with Canada decreased $0.9 billion to $1.8 billion in April. Exports decreased $0.4 billion to $24.6 billion and imports decreased $1.3 billion to $26.4 billion.;

The deficit with China increased $2.1 billion to $29.4 billion in April. Exports decreased $1.8 billion to $8.5 billion and imports increased $0.3 billion to $37.9 billion.

US trade with China April 2019

Goods and Services by Selected Countries and Areas: Quarterly – Balance of Payments Basis

Statistics on trade in goods and services by country and area are only available quarterly, with a onemonth lag. With this release, first-quarter figures are now available.

The first-quarter figures show surpluses, in billions of dollars, with South and Central America ($22.3), Brazil ($8.1), Hong Kong ($7.4), OPEC ($6.6), United Kingdom ($5.0), Singapore ($4.2), Canada ($4.0), and Saudi Arabia ($1.5). Deficits were recorded, in billions of dollars, with China ($80.8), European Union ($28.4), Mexico ($23.0), Germany ($16.7), Japan ($15.6), Italy ($9.4), India ($7.1), Taiwan ($5.0), France ($4.6), and South Korea ($4.1).

 The deficit with China decreased $22.9 billion to $80.8 billion in the first quarter. Exports increased $4.9 billion to $41.4 billion and imports decreased $18.0 billion to $122.2 billion.  The balance with Saudi Arabia shifted from a deficit of $2.5 billion to a surplus of $1.5 billion in the first quarter. Exports increased $1.0 billion to $6.3 billion and imports decreased $3.0 billion to $4.8 billion.  The deficit with South Korea increased $1.8 billion to $4.1 billion in the first quarter. Exports decreased $1.5 billion to $19.7 billion and imports increased $0.3 billion to $23.8 billion.

Annual Summary for 2018 Exports, Imports, and Balance

For 2018, the goods and services deficit was $621.0 billion, up $68.8 billion from $552.3 billion in 2017. Exports were $2,500.0 billion in 2018, up $148.9 billion from 2017. Imports were $3,121.0 billion, up $217.7 billion from 2017.

The 2018 increase in the goods and services deficit reflected an increase in the goods deficit of $83.8 billion, or 10.4 percent, to $891.3 billion and an increase in the services surplus of $15.0 billion, or 5.9 percent, to $270.2 billion. As a percentage of U.S. gross domestic product, the goods and services deficit was 3.0 percent in 2018, up from 2.8 percent in 2017.

Exports 

Exports of goods increased $118.5 billion to $1,671.8 billion in 2018. Exports of goods on a Census basis increased $117.8 billion.

  • Industrial supplies and materials increased $74.2 billion. Crude oil increased $24.6 billion. Other petroleum products increased $14.4 billion. Capital goods increased $28.7 billion. Civilian aircraft engines increased $7.9 billion. Other industrial machines increased $2.9 billion. Computer accessories increased $2.5 billion.

Net balance of payments adjustments increased $0.6 billion.

Exports of services increased $30.4 billion to $828.1 billion in 2018.

  • Other business services, which includes research and development services; professional and management services; and technical, trade-related, and other services, increased $8.5 billion. Financial services increased $4.6 billion. Travel (for all purposes including education) increased $4.3 billion.

Imports

Imports of goods increased $202.2 billion to $2,563.1 billion in 2018. Imports of goods on a Census basis increased $200.8 billion.

  • Industrial supplies and materials increased $68.4 billion. Crude oil increased $24.6 billion. Capital goods increased $52.7 billion. Computers increased $8.7 billion. Electric apparatus increased $5.4 billion. Computer accessories increased $5.4 billion. Other industrial machines increased $5.1 billion. Consumer goods increased $46.1 billion. Pharmaceutical preparations increased $23.7 billion. Net balance of payments adjustments increased $1.4 billion. Imports of services increased $15.4 billion to $557.9 billion in 2018. Travel (for all purposes including education) increased $10.1 billion. Other business services increased $7.0 billion. Transport increased $6.5 billion. Insurance services decreased $13.0 billion.

Goods by Selected Countries and Areas – Census Basis

The 2018 figures show surpluses, in billions of dollars, with South and Central America ($41.5), Hong Kong ($31.1), Netherlands ($24.8), Australia ($15.2), and Belgium ($14.2).

Deficits were recorded, in billions of dollars, with China ($419.2), European Union ($169.3), Mexico ($81.5), Germany ($68.3), Japan ($67.6), Ireland ($46.8), Italy ($31.6), Malaysia ($26.5), India ($21.3), OPEC ($21.2), Canada ($19.8), Thailand ($19.3), Switzerland ($18.9), South Korea ($17.9), France ($16.2), Taiwan ($15.5), Russia ($14.1), Indonesia ($12.6), and Saudi Arabia ($10.5).

The deficit with China increased $43.6 billion to $419.2 billion in 2018. Exports decreased $9.6 billion to $120.3 billion and imports increased $34.0 billion to $539.5 billion.

The deficit with the European Union increased $17.9 billion to $169.3 billion in 2018. Exports increased $35.4 billion to $318.6 billion and imports increased $53.3 billion to $487.9 billion.

The surplus with South and Central America increased $7.3 billion to $41.5 billion in 2018. Exports increased $13.6 billion to $163.8 billion and imports increased $6.3 billion to $122.3 billion.

* * * All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in exhibits 1-20b of this release. For information on data sources, definitions, and revision procedures, see the explanatory notes in this release.

Source: bea

From The Traders Community News Desk

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