The U.S. Census Bureau reported Thursday that the international trade deficit in goods rose to $72.1 billion in April, up a marginal 0.3% from March’s level of $71.9 billion according to an “advance look” at the data. The shift was due to exports dropping at a faster rate than imports.
Exports in April hit $134.6 billion, $5.9 billion below the March level, a decline of 4.2%, seasonally adjusted. Imports of goods for that month were $206.7 billion, down $5.6 billion from the previous month, a drop of 2.7%. Compared with this point last year, exports fell 3.6% and imports fell 0.9%.
Capital goods, those products purchased by businesses, had the sharpest export decline at 6.5%, while imports of the same also had the sharpest decline at 3.5%.
Wholesale inventories rose 0.7% while retail inventories expanded by 0.5%, the bureau said.
The news comes as the Trump administration remains in a trade war stand-off with China. A Beijing official told Reuters Thursday that the U.S. was engaged in “naked economic terrorism.” Trump said Thursday, “I think we’re doing very well with China.”
The White House is also struggling to get the U.S.-Mexico-Canada-Agreement on trade ratified by Congress.
