Tip News

February 17, 2019

Record US exports narrow trade gap in April

Record US exports narrow trade gap in April
'Americans imported fewer mobile telephones and consumer goods as well as passenger cars in April 2018' - By: AFP/File

The US trade deficit narrowed in April for second the straight month on record exports and as Americans imported fewer goods from China, government data showed Wednesday.

The all-time high amount of exports were driven upwards by growing orders for American corn and soybeans as well as fuel oil and other petroleum products.

The falling trade gap comes as the major world economies gird for all-out trade war after President Donald Trump last week imposed punishing tariffs on US imports of steel and aluminum.

The total US trade deficit fell 2.1 percent for April to $46.2 billion after a downward revision for March. The result was better than analysts expected, since the consensus forecast called for a 3.4 percent increase.

Exports of goods and services rose 0.3 percent to $211.2 billion, the highest on record. Exports of goods ($141.2 billion) and services ($70 billion) also hit all-time highs.

Meanwhile, imports fell 0.2 percent to $257.4 billion.

The deficit with China in goods only, the principal driver of the overall US trade gap, fell 9.8 percent for the month as US imports from the industrial giant fell $4.7 billion to $41.9 billion.

Year-to-date, however, the US trade gap with China was still up 10.4 percent.

Deficits also narrowed with Canada and Mexico for the month.

The narrowing total trade deficit suggested trade could be less of a drag than expected on GDP growth at the start of the second quarter.

But despite the declines in March and April, the deficit for the first four months of 2018 was still nearly 12 percent higher than the same period last year.

Americans imported fewer mobile telephones and consumer goods as well as passenger cars.

Trump's multi-front trade confrontation was due to spill over into this week's summit of Group of Seven economies in Quebec, Canada.

Other G7 members have unanimously denounced Trump's protectionist trade policies and vowed to retaliate against the tariffs.

The European Union on Wednesday said a package of counter-measures on US goods would be ready by July.

Short link: https://tipnews.com/u/NTIwOTg=

See also:

Related articles

World bishops head to Vatican for sex abuse summit

World bishops head to Vatican for sex abuse summit

Pope Francis gathers bishops from around the world at the Vatican this week for a hotly-awaited summit on tackling the wave of child sex abuse scandals assailing the Catholic Church.The heads of around 100 bishops' conferences from every continent will conven

Navaratilova backs Semenya ahead of IAAF gender rule hearing

Navaratilova backs Semenya ahead of IAAF gender rule hearing

Tennis great Martina Navratilova has come to the defence of Olympic 800 metres champion Caster Semenya ahead of next week's landmark hearing on proposed rules that aim to restrict testosterone levels in female athletes.The International Association of Athleti

Vatican defrocks former US cardinal for sex abuse of minor

Vatican defrocks former US cardinal for sex abuse of minor

Pope Francis has defrocked a former cardinal in a first for the Roman Catholic church over accusations American Theodore McCarrick sexually abused a teenager 50 years ago, a Vatican statement said Saturday.McCarrick, 88, who resigned from the Vatican's Colleg

Turkey bans rally for Kurdish MP on hunger strike

Turkey bans rally for Kurdish MP on hunger strike

Turkish police on Friday prevented supporters from rallying outside the home of a pro-Kurdish lawmaker on hunger strike for 100 days.The protest bid coincides with the 20th anniversary of the capture of Kurdish militant leader Abdullah Ocalan, who is jailed in



HELLO, PLEASE TAKE A MOMENT TO RATE THIS POST Record US exports narrow trade gap in April

Sending comment Close