U.S. Imported More Cars, Phones, Supplies From Abroad
1 min read
07 Jun 2023, 09:13 PM IST
Trade gap widened in April as exports fell and imports rose
PremiumAmericans imported more goods and services from abroad in April, another sign businesses and consumers remain resilient despite rising interest rates, while exports decreased.
Businesses brought in more cars, cellphones and supplies while bringing in less oil. U.S. companies shipped less oil and drugs outside the country.
The trade figures aren’t adjusted for inflation and so reflect changes in demand and price. Here are the takeaways from Wednesday’s Commerce Department report on U.S. import and export trends in April.
Imports Up, Exports Down
Imports rose 1.5% to a seasonally adjusted $323.6 billion. Automotive vehicles, parts, and engines increased by $2.0 billion and industrial supplies increased $1.9 billion. Nonmonetary gold and other metal products drove the increase.
Cellphones and other household goods accounted for the bulk of the increase in consumer-goods imports. Imports of services, including transportation and travel, decreases slightly.
Exports fell 3.6% to $249 billion. Industrial supplies and materials shipments decreased $6.1 billion, including a $2.1 billion drop in crude oil. Consumer goods exports decreased $1.7 billion, including less shipments of pharmaceutical preparations, diamonds and jewelry. The U.S. exported more soybeans, rice and frozen fruit juices and fewer semiconductors and aircraft.
Exports of services were nearly flat in April. Travel to the U.S. increased, but financial services decreased.
Trade Gap Widens
The goods and services trade deficit was $74.6 billion in April, compared with $60.6 billion in March. The gap shows the U.S. imports more goods and services than it exports.
Through April this year, the goods and services deficit decreased 23.9% from the same period in 2022, the Commerce Department said.
Write to Austen Hufford at austen.hufford@wsj.com and Anthony DeBarros at anthony.debarros@wsj.com
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