Gantry cranes move containers onto transporters at a port in Qingdao in eastern China’s Shandong province Friday, June 4, 2021. China’s exports surged nearly 28% in May while imports jumped 51% as demand rebounded in the U.S. and other markets where the pandemic is waning, though growth is leveling off after a stunning recovery from last year’s slump.
A woman and her trainer workout outside the New York Stock Exchange, Monday, June 7, 2021. Stocks are nudging mostly higher in early trading, putting the S&P 500 and the Dow Jones Industrial Average back near the record highs they reached a month ago.
WASHINGTON (AP) — The U.S. trade deficit narrowed in April to $68.9 billion as an improving global economy boosted sales of American exports.
The April deficit, the gap between what America buys from abroad and what it sells to other countries, was down 8.2% from a record March deficit of $75 billion.
The improving economic situation overseas drove up demand for American goods while domestic demand for imports slowed.
In April, exports of U.S. goods and services rose 1.1% to $205 billion while imports declined 1.4% to $273.9 billion.
Through the first four months of the year, the U.S. trade deficit totals $281.7 billion, up 50.4% from the deficit during the same period in 2020, a time when the U.S. economy was essentially shut down because of the coronavirus pandemic.
The politically sensitive deficit with China fell to $25.8 billion in April, down 6.7% from the March imbalance. But through the first four months of this year, the deficit with China, the largest the United States runs with any country, was up 37.1% over the same period a year ago.
The deficit in just goods in April totaled $86.7 billion while the surplus in services totaled $17.8 billion. The United States runs surpluses in services trade which help lower the goods deficit. However, the services economy, which includes travel payments such as airline fares, has been hit hard by the coronavirus with the service surplus down 16.2% so far this year compared to the same period a year ago.
Originally Appeared Here