As the front-running of tariffs abruptly ended, so imports to the US collapsed in April – by the most on record – shrinking the trade deficit by the most on record…
Source: Bloomberg
The gap in goods and services trade shrank 55.5% from the prior month, to $61.6 billion, the smallest since 2023 and more than completely reversing the sharp widening that occurred in the first quarter.
Imports of goods and services declined a record 16.3% in April, while exports increased 3%.
Source: Bloomberg
The April trade report showed imports of consumer goods slumped $33 billion, largely due to a sharp decline in inbound shipments of pharmaceutical preparations.
Imports from China plunged to their lowest since March 2020…
Source: Bloomberg
…shrinking the trade deficit with China to its smallest since March 2020…
Source: Bloomberg
The sharp narrowing in April puts trade on track for a large contribution to gross domestic product in the second quarter after being largely responsible for a 0.2% annualized decline in first-quarter GDP.
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