Total US exports of $182.9 billion and imports of $233 billion resulted in a goods and services deficit of $50.1 billion in April, according to data released Friday by the US Census Bureau and the US Bureau of Economic Analysis. The US' trade deficit was down from $52.6 billion in March. April exports were $1.5 billion less than March exports of $184.4 billion while April imports were $4.1 billion less than March imports of $237.1 billion. US goods and services exports year-to-date through the first four months of 2012 were up 6 percent or $41.4 billion from the same period of 2011 to reach $725.8 billion.
"US exports posted their second-highest level on record in April, and despite a variety of global economic challenges, exports in the first four months of 2012 continue to exceed their performance of 2011," said US Commerce Secretary John Bryson in a press release from the US Department of Commerce. "At this rate, we are on pace for US exports to exceed $2 trillion for the second year in a row, and are making significant progress to achieving President Obama's goal of doubling exports by the end of 2014...Manufacturing remains a bright spot, as exports of manufactured goods have increased 9.1 percent year-to-date through April."
Meanwhile, Statistics Canada said Friday that after five consecutive monthly surpluses, Canada posted a trade deficit of $367 million in April as exports fell 1.2 percent and imports increased 0.1 percent. Exports dropped to $39.1 billion as a result of a 1.9 percent decline in prices. Imports rose for the fifth consecutive month to $39.5 billion. Exports to the United States fell 1.2 percent to $28.4 billion in April--the fourth consecutive monthly decrease. Imports from the United States rose 1.3 percent to $24.6 billion. As a result, Canada's trade surplus with the United States decreased from $4.5 billion in March to $3.8 billion in April.