News Release

EMBARGOED UNTIL RELEASE AT 8:30 a.m. EDT, Wednesday, June 7, 2023
CB 23–84
BEA 23–22

U.S. International Trade in Goods and Services, April 2023

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $74.6 billion in April, up $14.0 billion from $60.6 billion in March, revised.

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

$74.6 Billion

+23.0%°

Exports:

$249.0 Billion

−3.6%°

Imports:

$323.6 Billion

+1.5%°

Next release: Thursday, July 6, 2023

(°) 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 7, 2023

Goods and Services Trade Deficit: Seasonally adjusted

Exports, Imports, and Balance (exhibit 1)

April exports were $249.0 billion, $9.2 billion less than March exports. April imports were $323.6 billion, $4.8 billion more than March imports.

The April increase in the goods and services deficit reflected an increase in the goods deficit of $14.5 billion to $96.1 billion and an increase in the services surplus of $0.6 billion to $21.6 billion.

Year-to-date, the goods and services deficit decreased $86.5 billion, or 23.9 percent, from the same period in 2022. Exports increased $55.9 billion or 5.8 percent. Imports decreased $30.6 billion or 2.3 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit increased $1.5 billion to $68.5 billion for the three months ending in April.

  • Average exports decreased $3.4 billion to $253.6 billion in April.
  • Average imports decreased $1.9 billion to $322.1 billion in April.

Year-over-year, the average goods and services deficit decreased $23.4 billion from the three months ending in April 2022.

  • Average exports increased $9.2 billion from April 2022.
  • Average imports decreased $14.2 billion from April 2022.

Exports (exhibits 3, 6, and 7)

Exports of goods decreased $9.4 billion to $167.1 billion in April.

  Exports of goods on a Census basis decreased $9.2 billion.

  • Industrial supplies and materials decreased $6.1 billion.
    • Crude oil decreased $2.1 billion.
    • Fuel oil decreased $1.3 billion.
  • Consumer goods decreased $1.7 billion.
    • Pharmaceutical preparations decreased $0.5 billion.
    • Gem diamonds decreased $0.4 billion.
    • Jewelry decreased $0.4 billion.

  Net balance of payments adjustments decreased $0.2 billion.

Exports of services increased $0.2 billion to $81.9 billion in April.

  • Travel increased $0.5 billion.
  • Other business services increased $0.3 billion.
  • Financial services decreased $0.2 billion.
  • Government goods and services decreased $0.2 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $5.2 billion to $263.2 billion in April.

  Imports of goods on a Census basis increased $5.5 billion.

  • Automotive vehicles, parts, and engines increased $2.0 billion.
    • Other automotive parts and accessories increased $1.0 billion.
    • Passenger cars increased $0.8 billion.
  • Industrial supplies and materials increased $1.9 billion.
    • Finished metal shapes increased $1.5 billion.
    • Nonmonetary gold increased $1.1 billion.
    • Organic chemicals increased $0.9 billion.
    • Crude oil decreased $0.8 billion.
    • Natural gas decreased $0.8 billion.
  • Consumer goods increased $1.8 billion.
    • Cell phones and other household goods increased $1.7 billion.

  Net balance of payments adjustments decreased $0.3 billion.

Imports of services decreased $0.4 billion to $60.4 billion in April.

  • Transport decreased $0.4 billion.
  • Travel decreased $0.2 billion.

Real Goods in 2017 Dollars – Census Basis (exhibit 11)

The real goods deficit increased $13.6 billion, or 16.5 percent, to $95.8 billion in April, compared to a 17.7 percent increase in the nominal deficit.

  • Real exports of goods decreased $8.1 billion, or 5.6 percent, to $136.7 billion, compared to a 5.3 percent decrease in nominal exports.
  • Real imports of goods increased $5.5 billion, or 2.4 percent, to $232.6 billion, compared to a 2.1 percent increase in nominal imports.

Revisions

Exports and imports of goods and services for all months through March 2023 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 $2.1 billion.
  • Exports of services were revised down $0.1 billion.

Revisions to March imports

  • Imports of goods were revised down $2.9 billion.
  • Imports of services were revised up $1.3 billion.

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

The April figures show surpluses, in billions of dollars, with Netherlands ($4.2), South and Central America ($4.1), Belgium ($1.9), Hong Kong ($1.6), Australia ($1.0), United Kingdom ($0.9), and Brazil ($0.7). Deficits were recorded, in billions of dollars, with China ($24.2), European Union ($17.3), Mexico ($13.0), Vietnam ($8.5), Germany ($7.6), Japan ($6.8), Canada ($6.1), Ireland ($5.0), Switzerland ($4.5), South Korea ($4.3), Italy ($3.8), India ($3.5), Taiwan ($3.5), Malaysia ($2.3), France ($1.2), Singapore ($0.7), Israel ($0.6), and Saudi Arabia ($0.4).

  • The deficit with Switzerland increased $2.3 billion to $4.5 billion in April. Exports decreased $0.4 billion to $1.4 billion and imports increased $2.0 billion to $5.9 billion.
  • The surplus with South and Central America decreased $1.7 billion to $4.1 billion in April. Exports decreased $2.2 billion to $16.1 billion and imports decreased $0.5 billion to $12.0 billion.
  • The deficit with Ireland decreased $0.7 billion to $5.0 billion in April. Exports decreased less than $0.1 billion to $1.3 billion and imports decreased $0.8 billion to $6.3 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 ($19.6), Netherlands ($13.5), Australia ($8.2), Singapore ($6.8), Brazil ($6.6), Hong Kong ($6.3), United Kingdom ($5.6), Belgium ($5.4), Ireland ($1.0), Saudi Arabia ($0.9), and Switzerland ($0.4). Deficits were recorded, in billions of dollars, with China ($65.3), Mexico ($38.7), European Union ($35.0), Vietnam ($23.7), Germany ($22.5), Japan ($16.6), India ($13.8), Taiwan ($12.2), Italy ($11.5), Canada ($11.0), South Korea ($9.1), Malaysia ($7.9), France ($3.6), and Israel ($2.2).

  • The deficit with the European Union decreased $5.9 billion to $35.0 billion in the first quarter. Exports increased $5.3 billion to $158.0 billion and imports decreased $0.5 billion to $193.0 billion.
  • The deficit with Vietnam decreased $3.3 billion to $23.7 billion in the first quarter. Exports increased $0.1 billion to $3.3 billion and imports decreased $3.1 billion to $26.9 billion.
  • The deficit with India increased $3.7 billion to $13.8 billion in the first quarter. Exports decreased $1.8 billion to $16.7 billion and imports increased $1.9 billion to $30.5 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 6, 2023, at 8:30 a.m. EDT
U.S. International Trade in Goods and Services, May 2023

Notice

Updates to Goods and Services

In this release and in the accompanying “U.S. International Trade in Goods and Services, Annual Revision” release (FT–900 Annual Revision), 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 2018, and statistics on trade in services are revised beginning with 2017.

Revised statistics on trade in goods reflect:

  • Corrections and adjustments to previously published not seasonally adjusted statistics for goods on a Census basis.
  • End-use reclassifications of several commodities.
  • Recalculated seasonal and trading-day adjustments.
  • Newly available and revised source data 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 for more information.

Revised statistics on trade in services reflect:

  • Newly available and revised source data, primarily from BEA surveys of international 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 annual goods and services deficit. The deficit was revised up for 2017 and 2022, was revised down for 2019–2021, and was unrevised for 2018. The largest revision was for 2017 when the deficit was revised up 1.3 percent, reflecting a downward revision to the services surplus.

The revised statistics for goods on a BOP basis and for services will also be included in the “U.S. International Transactions, First Quarter 2023 and Annual Update” report and in BEA’s Interactive Data Application, both to be released by BEA on June 22, 2023. For more information, see “Preview of the 2023 Annual Update of the International Economic Accounts” in the Survey of Current Business.

Change to the Real (Chained-Dollar) Series

With this release and the release of the accompanying FT–900 Annual Revision, the reference year for the chained-dollar series has been updated to 2017 from 2012 to reference the time series on prices from a more recent year. The historical chained-dollar series, which begin in 1994, has also been revised to reflect the new reference year. See the “Adjustments for price change” section in the explanatory notes for more information.

If you have questions or need additional information, please contact the Census Bureau, Economic Indicators Division, on (800) 549-0595, option 4, or at eid.international.trade.data@census.gov or BEA, Balance of Payments Division, at InternationalAccounts@bea.gov.