The goods and services deficit of the US declined by USD6.1 billion to USD68.9 billion in April from USD75 billion in March, the US Census Bureau reported on Tuesday. This reading came in slightly better than the market expectation of USD69 billion.
The April deficit, the gap between what America buys from abroad, and what it sells to other countries, was down 8.2 percent from a record March deficit of USD 75 billion. The improving economic situation overseas drove up demand for American goods while domestic demand for imports slowed. In April, exports of U.S. goods and services rose 1.1 percent to USD205 billion while imports declined 1.4 percent to USD 273.9 billion.
Through the first four months of the year, the U.S. trade deficit totals USD 281.7 billion, up 50.4 percent from the deficit during the same period in 2020, a time when the U.S. economy was essentially shut down because of Covid.