By: Henock Kebede
The trade deficit in goods and services increased $3 billion to $47.2 billion in April. This reflects a decrease in exports by $0.3 billion to $193.3 billion, and an increase in imports of $2.7 billion to a $240.6 billion. Among the contributors for this record import number are record imports for four goods categories (in billions of dollars): capital goods ($48.6), consumer goods ($47.5), Automotive ($27.2), foods, feeds and beverages ($10.8). Check out our “Trade Highlights” page for more information.
Staying with the import theme, did you know that so far in 2014, China alone accounted for over 72% of U.S. imports of computers? More information on this can be found in our “Graph of the Month” page.
Lastly, as explained in last month’s blog, the following changes took effect this month:
- New Exhibit (Exhibit 20) – it has quarterly seasonally adjusted trade in goods and services on a balance of payments basis for select major trading partners.
- Reclassification of goods to a BOP basis – net exports of goods under merchanting are reclassified as goods through a new balance of payments adjustment.
- Changes to services – The number of service categories in Exhibits 3 and 4 will change and increase from seven to nine.
- Revision to goods and services – the annual revision for 2013 includes corrections and adjustments to trade in goods on a Census basis beginning with 2011, and statistics calculated on a balance of payments basis beginning with 1999.
More information on these changes can be found here.