WASHINGTON - The U.S. trade deficit increased slightly to a seasonally adjusted $40.3 billion in April, up 0.6% from $40.0 billion in March, but both exports and imports fell in the same month for the first time since April 2009, the Commerce Department reported today.
The March trade deficit was revised lower to $40.0 billion from $40.4 billion reported last month. Economists expected the April trade deficit to rise to $41.0 billion, according to the median estimate from Thomson Reuters.
Imports of goods and services decreased by $1 billion, or 0.4%, to $189.1 billion. Imported consumer goods fell by $1.7 billion and capital goods increased by $1.4 billion.
Total exports of goods and services fell by $1.1 billion, or 0.7%, to $148.8 billion, the largest percentage decline in a year. Exported consumer goods fell, but exports of industrial supplies and autos increased to the highest levels since August and October 2008 respectively.
The value of U.S. petroleum imports increased to $22.7 billion and the average price per barrel of crude oil increased to $77.13, both the highest levels since October 2008.
The April non-petroleum trade deficit was $27.8 billion, the highest since January 2009.
The trade deficit with China increased by $2.4 billion, or 14.3%, to $19.3 billion. Imports from China increased by 6.6%.
Exports and imports with the European Union fell in April bringing the trade deficit down by $1.3 billion, or 18.9%. Trade with Canada and Mexico also declined.
The report also included revised data for 2009. The 2009 goods and services trade deficit was revised down by $3.7 billion, or 1.0%, to $374.9 billion. The annual trade deficit peaked in 2006 at $759.2 billion.
