The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $49.4 billion in April, up $7.1 billion from $42.3 billion in March, revised.
April exports were $151.3 billion, $38.9 billion less than March exports. April imports were $200.7 billion, $31.8 billion less than March imports.
Both exports and imports decreased in April.
Exports are down 28% compared to April 2019; imports are down 22% compared to April 2019.
Both imports and exports have decreased sharply due to COVID-19.
The second graph shows the U.S. trade deficit, with and without petroleum.
Note that the U.S. exported a slight net positive petroleum products in recent months.
Oil imports averaged $34.72 per barrel in April, down from $47.09 in March, and down from $63.47 in April 2019.
The trade deficit with China decreased to $22.5 billion in April, from $26.8 billion in April 2019.