In April, the U.S. goods deficit expanded to $58.6 billion, up $3.2 billion from March, as imports increased more than exports. The total deficit, including trade in services, rose $3.2 billion year-over-year to $40.3 billion.
Consumer goods; automotive vehicles, parts and engines; capital goods; and other goods led the $1.8 billion year-over-year increase in exports of goods, partially offset by declines in industrial supplies and materials and foods, feeds and beverages.
The $5.0 billion year-over-year increase in imports of goods reflected gains in automotive vehicles, parts and engines; consumer goods; other goods; and foods, feeds and beverages. Those increases were partly offset by declines in industrial supplies and materials and capital goods.
“It’s never a good sign when growth in imports more than doubles growth in exports, but that’s exactly what we just witnessed with the April trade numbers,” said Scott Paul, president of the Alliance for American Manufacturing, in a written statement. “Our trade deficit is headed in the wrong direction, which stifles the opportunity for manufacturing job growth.”