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U.S. International Trade in Goods and Services, April 2021

Summary:
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was .9 billion in April, down .1 billion from .0 billion in March, revised. U.S. International Trade in Goods and Services Deficit Deficit: .9 Billion −8.2%° Exports: 5.0 Billion +1.1%° Imports: 3.9 Billion −1.4%° Next release: Tuesday, July 2, 2021 (°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, June 8, 2021 COVID-19 Impact on International Trade in Goods and Services The

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The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $68.9 billion in April, down $6.1 billion from $75.0 billion in March, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:

$68.9 Billion

−8.2%°

Exports:

$205.0 Billion

+1.1%°

Imports:

$273.9 Billion

−1.4%°

Next release: Tuesday, July 2, 2021

(°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, June 8, 2021

U.S. International Trade in Goods and Services, April 2021

COVID-19 Impact on International Trade in Goods and Services

The global pandemic and the economic recovery continued to impact international trade in April 2021. The full economic effects of the pandemic cannot be quantified in the statistics because the impacts are generally embedded in source data and cannot be separately identified.

Exports, Imports, and Balance (exhibit 1)

April exports were $205.0 billion, $2.3 billion more than March exports. April imports were $273.9 billion, $3.8 billion less than March imports.

The April decrease in the goods and services deficit reflected a decrease in the goods deficit of $6.2 billion to $86.7 billion and a decrease in the services surplus of $0.1 billion to $17.8 billion.

Year-to-date, the goods and services deficit increased $94.5 billion, or 50.5 percent, from the same period in 2020. Exports increased $42.0 billion or 5.6 percent. Imports increased $136.4 billion or 14.6 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit increased $0.6 billion to $71.5 billion for the three months ending in April.

  • Average exports increased $3.9 billion to $198.7 billion in April.
  • Average imports increased $4.5 billion to $270.3 billion in April.

Year-over-year, the average goods and services deficit increased $24.3 billion from the three months ending in April 2020.

  • Average exports increased $17.9 billion from April 2020.
  • Average imports increased $42.2 billion from April 2020.

Exports (exhibits 3, 6, and 7)

Exports of goods increased $1.6 billion to $145.3 billion in April.

  Exports of goods on a Census basis increased $1.6 billion.

  • Capital goods increased $2.1 billion.
    • Civilian aircraft increased $1.4 billion.
  • Industrial supplies and materials increased $0.8 billion.
    • Crude oil increased $1.0 billion.
    • Other petroleum products increased $0.6 billion.
    • Fuel oil increased $0.5 billion.
    • Nonmonetary gold decreased $1.3 billion.
  • Automotive vehicles, parts, and engines decreased $1.0 billion.
    • Automotive parts and accessories decreased $0.4 billion.
    • Trucks, buses, and special purpose vehicles decreased $0.4 billion.

  Net balance of payments adjustments decreased less than $0.1 billion.

Exports of services increased $0.7 billion to $59.7 billion in April.

  • Travel increased $0.2 billion.
  • Transport increased $0.2 billion.
  • Charges for the use of intellectual property increased $0.2 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods decreased $4.5 billion to $232.0 billion in April.

  Imports of goods on a Census basis decreased $4.6 billion.

  • Consumer goods decreased $2.6 billion.
    • Other textile apparel and household goods decreased $0.9 billion.
    • Toys, games, and sporting goods decreased $0.7 billion.
    • Household appliances decreased $0.7 billion.
    • Cell phones and other household goods increased $1.7 billion.
  • Automotive vehicles, parts, and engines decreased $1.1 billion.
    • Automotive parts and accessories decreased $0.7 billion.
    • Passenger cars decreased $0.5 billion.

  Net balance of payments adjustments increased less than $0.1 billion.

Imports of services increased $0.7 billion to $41.9 billion in April.

  • Travel increased $0.3 billion.
  • Transport increased $0.2 billion.

Real Goods in 2012 Dollars – Census Basis (exhibit 11)

The real goods deficit decreased $7.2 billion to $98.6 billion in April.

  • Real exports of goods increased $0.4 billion to $148.5 billion.
  • Real imports of goods decreased $6.8 billion to $247.1 billion.

Revisions

Exports and imports of goods and services for all months through March 2021 shown in this release reflect the incorporation of annual revisions to the goods and services series. See the “Notice” in this release for a description of the revisions.

Revisions to March exports

  • Exports of goods were revised up $0.8 billion.
  • Exports of services were revised up $1.9 billion.

Revisions to March imports

  • Imports of goods were revised up $2.1 billion.
  • Imports of services were revised up $1.1 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)

The April figures show surpluses, in billions of dollars, with South and Central America ($3.5), Hong Kong ($3.0), Brazil ($1.1), Singapore ($0.8), United Kingdom ($0.6), and Saudi Arabia ($0.3). Deficits were recorded, in billions of dollars, with China ($32.4), European Union ($16.1), Mexico ($10.0), Japan ($5.4), Germany ($5.1), Taiwan ($3.2), Canada ($3.0), Italy ($2.9), India ($2.6), France ($1.9), and South Korea ($1.2).

  • The deficit with China decreased $7.1 billion to $32.4 billion in April. Exports increased $1.0 billion to $13.1 billion and imports decreased $6.0 billion to $45.5 billion.
  • The deficit with the European Union decreased $1.0 billion to $16.1 billion in April. Exports increased $2.0 billion to $22.2 billion and imports increased $1.0 billion to $38.3 billion.
  • The deficit with Mexico increased $1.2 billion to $10.0 billion in April. Exports increased less than $0.1 billion to $22.5 billion and imports increased $1.3 billion to $32.4 billion.

Goods and Services by Selected Countries and Areas: Quarterly – Balance of Payments Basis
(exhibit 20)

Statistics on trade in goods and services by country and area are only available quarterly, with a one-month lag. With this release, first-quarter figures are now available.

The first-quarter figures show surpluses, in billions of dollars, with South and Central America ($21.4), Hong Kong ($7.1), Brazil ($6.2), Singapore ($4.6), Saudi Arabia ($3.1), and United Kingdom ($3.1). Deficits were recorded, in billions of dollars, with China ($91.4), European Union ($44.1), Mexico ($27.9), Germany ($18.5), Japan ($14.5), India ($9.2), Italy ($9.0), Taiwan ($7.5), France ($6.5), Canada ($6.0), and South Korea ($3.6).

  • The deficit with China increased $15.4 billion to $91.4 billion in the first quarter. Exports decreased $1.5 billion to $46.3 billion and imports increased $13.9 billion to $137.6 billion.
  • The balance with Canada shifted from a surplus of $1.2 billion in the fourth quarter to a deficit of $6.0 billion in the first quarter. Exports increased $3.0 billion to $86.5 billion and imports increased $10.2 billion to $92.4 billion..
  • The deficit with Mexico decreased $7.3 billion to $27.9 billion in the first quarter. Exports increased $7.6 billion to $71.9 billion and imports increased $0.2 billion to $99.8 billion.

*             *             *

All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in exhibits 1-20b of this release. For information on data sources, definitions, and revision procedures, see the explanatory notes in this release. The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services. The full schedule is available in the Census Bureau’s Economic Briefing Room at www.census.gov/economic-indicators/ or on BEA’s website at www.bea.gov/news/schedule.

*             *             *

Next release: July 2, 2021, at 8:30 A.M. EDT
U.S. International Trade in Goods and Services, May 2021

*             *             *

Notice

Updates to Goods and Services

In this release and in the accompanying “U.S. International Trade in Goods and Services, Annual Revision” release, the U.S. Census Bureau and the U.S. Bureau of Economic Analysis (BEA) are publishing revised statistics on trade in goods and services. With these releases, statistics on trade in goods, on both a Census basis and a balance of payments (BOP) basis, are revised beginning with 2016, and statistics on trade in services are revised beginning with 2013.

Revised statistics on trade in goods reflect:

  • Corrections and adjustments to previously published not seasonally adjusted statistics for goods on a Census basis.
  • Incorporation of a new BOP adjustment to improve the coverage of aircraft imports on a BOP basis. For more information on BOP adjustments, which are adjustments that BEA applies to goods on a Census basis to convert them to a BOP basis, see the “Goods (balance of payments basis)” section in the explanatory notes.
  • Newly available and revised source data on other BOP adjustments.
  • Recalculated seasonal and trading-day adjustments.

Revised statistics on trade in services reflect:

  • Newly available and revised source data, primarily from BEA surveys of international services, including the results of BEA’s benchmark survey of insurance services.
  • Recalculated seasonal adjustments.
  • Revised temporal distributions of quarterly source data to monthly statistics. See the “Services” section in the explanatory notes for more information.

This annual revision has not changed the overall trend in the goods and services balance. The annual goods and services deficit was revised by 0.2 percent or less (positive or negative) for 2013–2019. For 2020, the deficit was revised down 0.7 percent, reflecting a 4.9 percent upward revision to the services surplus that was partly offset by a 0.7 percent upward revision to the goods deficit.

The revised statistics for goods on a BOP basis and for services will also be included in the “U.S. International Transactions, First Quarter 2021 and Annual Update” report and in the international transactions interactive database, both to be released by BEA on June 23, 2021. A preview of BEA’s 2021 annual update of the international transactions accounts appears in the April 2021 issue of the Survey of Current Business.

If you have questions, please contact the Census Bureau, Economic Indicators Division, on (800) 549-0595, option 4, or at [email protected] or BEA, Balance of Payments Division, at [email protected].

Bureau of Economic Analysis
The BEA Advisory Committee advises the Director of BEA on matters related to the development and improvement of BEA’s national, regional, industry, and international economic accounts, especially in areas of new and rapidly growing economic activities arising from innovative and advancing technologies, and provides recommendations from the perspectives of the economics profession, business, and government.

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