April’s U.S. trade deficit was $61.6 billion, down $76.7 billion from a revised $138.3 billion in March.
This reverses the large spike in imports that occurred before Trump’s April 2 “liberation day” announcement.
The April figures show surpluses with countries including Hong Kong, Netherlands, UK, Switzerland, Brazil and Australia. Deficits were recorded with leading partners including Canada, China, European Union, and Mexico .
Imports fell 16% in April
The drop in imports was largely driven by goods than services. April imports were $351.0 billion, $68.4 billion less than March imports.
In April, the goods deficit fell $75.2 billion to $87.4 billion, and the services surplus rose $1.5 billion to $25.8 billion.
The fall in imports was led by consumer goods, pharmaceuticals, and industrial supplies – all of which saw a decrease of more than $10 billion.
Others such as precious metals, automotive vehicles, passenger cars and trucks etc. saw a decrease in the range of $1 billion to 10 billion.