US Trade Deficit at Record High in April as Exports Decrease
(Total imports up slightly, but crude oil shipments down as price soars)

14 June 2004

Source: Office of International Information Programs, US Department of State.

The US trade deficit jumped nearly 3.8 percent to a record high in April as imports went up and exports went down, the Department of Commerce reports.

The April deficit amounted to $48.327 billion, up from a revised $46.571 billion in March, the department said in its June 14 report. April's deficit comprised a goods deficit of $53.175 billion and a services surplus of $4.848 billion.

After rising the two previous months, exports fell in April to $93.942 billion. The decline was widespread across sectors with especially large drops in soybeans, organic chemicals, pharmaceuticals, generators and the volatile civilian aircraft sector.

Imports went up in April, for the third month in a row, to $142.269 billion. They increased for capital goods such as computers and telecommunications equipment and for consumer goods such as artwork and pharmaceuticals.

While natural gas imports went up, the value of crude oil imports went down as the number of barrels shipped to U.S. ports fell by nearly 20 million barrels even as the average price per barrel shot up to $31, the highest level since February 1983.

Bilateral trade deficits were up in April from March with China, $11.977 billion, and Canada, $5.697 billion, but were down with the European Union, $9.171 billion, Japan, $6.388 billion, and Mexico, $3.205 billion.

Following are some key figures:

US GOODS AND SERVICES EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance of payments basis, seasonally adjusted

Trade
balance Exports Imports

Jan-Dec 2002 -421,735 975,940 1,397,675
Jan-Dec 2003 -496,508 1,020,503 1,517,011

Jan-April 2003 -167,907 329,308 497,216
Jan-April 2004 -185,259 370,778 556,037

April 2003 -42,519 81,310 123,829
April 2004 -48,327 93,942 142,269

US GOODS EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance of payments basis, seasonally adjusted

Trade
balance Exports Imports

Jan-Dec 2002 -482,895 681,833 1,164,728
Jan-Dec 2003 -547,552 713,122 1,260,674

Jan-April 2003 -184,122 230,776 414,899
Jan-April 2004 -203,943 259,676 463,619

April 2003 -46,179 57,317 103,496
April 2004 -53,175 65,756 118,931

US SERVICES EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance of payments basis, seasonally adjusted

Trade
balance Exports Imports

Jan-Dec 2002 61,160 294,107 232,947
Jan-Dec 2003 51,044 307,381 256,337

Jan-April 2003 16,215 98,532 82,317
Jan-April 2004 18,684 111,102 92,418

April 2003 3,660 23,993 20,333
April 2004 4,848 28,186 23,338

US GOODS EXPORTS, IMPORTS AND TRADE BALANCE, BY COUNTRY >>>