Commerce Department reported on Thursday that U.S. the goods and services trade
deficit widened to $49.4 billion in April from a revised $42.3 billion in the
previous month (originally a gap of $44.4 billion). That was the biggest trade
gap since August 2019.
Economists had expected a deficit of $49.0 billion.
According to the report, the April advance in the goods and services deficit reflected an increase in the goods deficit of $5.8 billion to $71.8 billion and a decline in the services surplus of $1.3 billion to $22.4 billion.
In April, exports of goods and services from the U.S. plunged 20.5 percent m-o-m to $151.3 billion (the lowest level since April 2010), while imports tumbled 13.7 percent m-o-m to $200.7 billion (the lowest level since July 2010), in part, due to the impact of COVID-19, as many businesses were operating at limited capacity or ceased operations completely, and the movement of travelers across borders was restricted.
Year-to-date, the goods and services deficit decreased 13.4 percent from the same period in 2019. Exports fell 9.5 percent, while imports dropped 10.2 percent.
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