April Trade Deficit up 12%

123jump.com Staff
30 Nov, -0001
New York City

Americans continue to import at a record pace. At the current rate of deficit, U.S. deficit is expected to hit close to $700 billion by the year end 2005. Oil is reflecting 1/3 of trade deficit and deficit with China continues to grow.

Commerce Department reported 12% jump in April trade deficit of $56.96 billion compared to deficit in March. The import rose 4.1% in April and export rose 3%. The year-to-date trade deficit is running ahead by 11% to the year 2004. The commerce department report is summarized below.

The oil and energy related import rose to $19.6 billion roughly 33% of total deficit. Oil prices for the month of April were $44.76 per barrel.

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that total April exports of $106.4 billion and imports of $163.4 billion resulted in a goods and services deficit of $57.0 billion, $3.4 billion more than the $53.6 billion in March, revised. April exports were $3.1 billion more than March exports of $103.4 billion. April imports were $6.5 billion more than March imports of $156.9 billion.

In April, the goods deficit increased $3.3 billion from March to $62.2 billion, and the services surplus was virtually unchanged at $5.3 billion. Exports of goods increased $3.0 billion to $74.5 billion, and imports of goods increased $6.3 billion to $136.7 billion. Exports of services increased $0.1 billion to $31.9 billion, and imports of services increased $0.1 billion to $26.6 billion.

In April, the goods and services deficit was up $8.6 billion from April 2004. Exports were up $12.0 billion, or 12.7 percent, and imports were up $20.5 billion, or 14.4 percent.

The April (and March) figures showed surpluses, in billions of dollars, with Hong Kong $0.9 (for March $0.9), Australia $0.7 ($0.8), Singapore $0.3 ($0.9), and Egypt $0.1 ($0.1).

The April (and March) deficits were recorded, in billions of dollars, with China $14.7 ($12.9), Europe $11.8 ($10.9), the European Union $9.3 ($9.3), Japan $7.2 ($7.8), OPEC $7.1 ($6.6), Canada $5.4 ($5.0), Mexico $4.4 ($4.3), Korea $1.3 ($1.3), Brazil $0.8 ($0.7), and Taiwan $0.7 ($0.7).