The April 2010 U.S. trade deficit increased $300 million billion from last month $40 billion (revised) to $40.3 billion. Both imports and exports decreased. Imports dropped -$800 million and exports were down a billion dollars.
The raw totals of exports are $148.8 billion with imports of $189.1 billion. Taking inflation into account, imports dropped -1.51% from last month with exports dropping -2.48%.
For the year:
The goods and services deficit increased $11.8 billion from April 2009 to April 2010. Exports were up $24.7 billion, or 19.9 percent, and imports were up $36.5 billion, or 23.9 percent.
Goods make up the majority of trade and both exports and imports decreased in volume from the previous month.
In April, the goods deficit increased $0.1 billion from March to $52.5 billion, and the services surplus decreased $0.1 billion to $12.2 billion. Exports of goods decreased $1.1 billion to $104.0 billion, and imports of goods decreased $1.0 billion to $156.5 billion. Exports of services increased $0.1 billion to $44.8 billion, and imports of services increased $0.2 billion to $32.6 billion.
Below are imports vs. exports of goods from the official start of this recession. Notice the decrease in volume on both exports and imports in April.
A barrel of crude oil average costs were $77.13, resulting in a Cruel oil imports increase of 1.9% from last month in terms of real dollars.
The biggest decline in imports was consumer goods, a -4.4% decline from last month. Consumer goods exports were a -5.3% decrease from last month. The biggest increase in exports was industrial materials and supplies, a 1.8% increase. Below is the breakdown from the report:
The March to April decrease in exports of goods reflected decreases in other goods ($0.8 billion); consumer goods ($0.7 billion); and foods, feeds, and beverages ($0.6 billion). Increases occurred in industrial supplies and materials ($0.6 billion) and automotive vehicles, parts, and engines ($0.1 billion). Capital goods were virtually unchanged.
The March to April decrease in imports of goods reflected decreases in consumer goods ($1.7 billion); other goods ($0.5 billion); and automotive vehicles, parts, and engines ($0.2 billion). Increases occurred in capital goods ($1.4 billion) and
industrial supplies and materials ($0.1 billion). Foods, feeds, and beverages were virtually unchanged.
The April 2009 to April 2010 increase in exports of goods reflected increases in industrial supplies and materials ($10.8 billion); capital goods ($4.9 billion); automotive vehicles, parts, and engines ($3.4 billion); consumer goods ($1.2 billion); other goods ($1.0 billion); and foods, feeds, and beverages ($0.3 billion).
If you are in denial about offshore outsourcing hurting the U.S. advanced technology sector, one might consider these numbers. Information and Communications has a growing deficit. Just this year alone and these numbers are only to April, the deficit is -$36.067 billion. For last year, the total year, the deficit was -26.072 billion. So, in a matter of 4 months, information and communications trade deficit has exceeded the entire last year.
Advanced technology products exports were $21.1 billion in April and imports were $26.9 billion, resulting in a deficit of $5.8 billion.
Below is the annual percent change of Chinese imports into the United States. China was 38% of the total trade deficit, including oil. OPEC (read oil) is our next worse trade deficit, at 18%. The trade deficit with China jumped 12.4% from last month.
With all of the talk on Europe's implosion, are you aware we run a trade deficit of -$5.7 billion, -$7.1 billion last month, with them? So much for high wages and social safety nets being this god awful thing.