U.S. Census Bureau trade data release for May 2024

U.S. Trade Deficit Widens 8.7% to $74.6 Billion in April 2024, Largest Since October 2022

Jun 6, 2024, 12:56 PM

The U.S. trade deficit increased by 8.7% in April 2024, reaching $74.6 billion. This marks the largest trade deficit since October 2022. Exports rose by 0.8% to $263.7 billion, while imports surged by 2.4% to $338.2 billion. The increase in imports, driven by goods such as motor vehicles, computers, and industrial supplies, outpaced the growth in exports. The trade deficit, although significant in nominal figures, represents a smaller increase in real terms due to a surge in import prices. The deficit was slightly below the estimated $76.5 billion but higher than the revised figure of $68.6 billion from the previous month.