By: Janet Freas
For April 2012, the trade deficit in goods and services decreased to $50.1 billion from $52.6 billion (revised) in March, as both exports and imports decreased to $182.9 billion and $233.0 billion, respectively. Both exports and imports where down from the record highs in March resulting in an unremarkable April.
The 2011 annual revisions release did not change the overall trend in the goods and services balance. On an annual basis, the goods and services deficit was revised down 0.6 percent for 2009, was revised down 1.1 percent for 2010, and was virtually unrevised for 2011. The goods deficit was revised down for 2009 and 2010 and up for 2011; the services surplus was revised up for all three years. These revisions reflect newly available and revised source data and minor improvements to estimation methodologies. For more information, please see U.S. International Trade in Goods and Services – 2011 Annual Revision.
The March to April decrease in exports of goods reflected decreases in capital goods ($1.5 billion); industrial supplies and materials ($1.0 billion); and other goods ($0.6 billion). Increases occurred in foods, feeds, and beverages ($0.7 billion); automotive vehicles, parts, and engines ($0.4 billion); and consumer goods ($0.2 billion).
The March to April decrease in imports of goods reflected decreases in capital goods ($2.0 billion); industrial supplies and materials ($0.6 billion); other goods ($0.5 billion); consumer goods ($0.5 billion); and automotive vehicles, parts, and engines ($0.4 billion). Foods, feeds, and beverages were virtually unchanged.
April imports from South Korea ($5.5 billion) were the highest on record. This follows the entry into force of the U.S.- Korea trade agreement on March 15, 2012. The graph below shows the largest commodities imported from South Korea in April. You can find more information about import and exports from South Korea and all U.S. trading partners on the Census, Foreign Trade page Country and Product Trade Data. For more information on the U.S. International Trade in Goods and Services, or to sign up to be notified by email when changes occur, go to the Foreign Trade Statistical Notices page.