June 10, 2009

U.S. trade deficit grew in April

The U.S. trade deficit increased in April with exports and imports both shrinking during the month, the U.S. Bureau of Economic Analysis said Wednesday.

Exports in April declined by $2.8 billion compared to March. Imports dropped $2.2 billion in the month.

The total deficit grew from a revised March estimate of $28.5 billion to $29.2 billion.

The deficit in goods shipped in and out of the country rose by $0.9 billion, while the surplus in services rose $0.2 billion.

Compared to a year ago, the goods and services deficit has dropped by $33 billion, pointing to decreased demand both in the United States and abroad.

Compared to March, surpluses in trade with Hong Kong, Australia, Singapore and Egypt all declined slightly. Trade deficits with China, the European Union, Mexico, China and the Organization of Petroleum Exporting Countries increased.