The U.S. goods and services trade deficit narrowed to $55.9 billion in April, down 1.2% from a revised $56.6 billion in March, as exports rose faster than imports and reached a record high, according to data released June 9 by the U.S. Census Bureau and the U.S. Bureau of Economic Analysis. Exports increased $8.3 billion to $327.1 billion, while imports rose $7.6 billion to $383.0 billion.
The improvement reflected a $2.4 billion reduction in the goods deficit, to $83.7 billion, partly offset by a $1.7 billion decline in the services surplus, to $27.8 billion.
Year to date, the overall trade deficit was down $213.5 billion, or 49.1%, from the same period in 2025. Exports increased $128.2 billion, or 11.3%, while imports fell $85.3 billion, or 5.5%.
Exports of goods rose $8.7 billion to $221.3 billion, led by industrial supplies and capital goods. Petroleum exports reached a record $36.7 billion as higher crude prices boosted export values, pushing the petroleum trade surplus to an all-time high of $17.7 billion. Capital-goods exports also hit a record, supported by strong shipments of computers and civilian aircraft. Overall exports reached a record $327.1 billion.
Imports continued to reflect strong business investment. Imports of semiconductors, computers and other capital equipment remained elevated, driven in part by AI and data-center spending. Total imports increased to $383.0 billion, also a record.
The April data reinforce a pattern seen throughout 2026: rising exports of energy, aircraft and technology products are helping offset continued demand for imported computers, semiconductors and other capital equipment tied to AI infrastructure buildouts. Economists said the narrower deficit could support stronger second-quarter GDP growth, although much of the recent export strength reflects higher energy prices associated with tensions in the Middle East.
Canada’s goods-trade surplus widened to C$2.72 billion in April, its largest in 15 months, as record exports of crude oil and vehicles to the U.S. outweighed weaker gold shipments to non-U.S. markets.
Ottawa's surplus with the U.S. rose to C$9.48 billion, the highest since February 2025, helped by higher energy prices and stronger shipments of autos, farm goods, machinery, aircraft and chemicals.
The figures suggest trade may support second-quarter growth after weighing on Canada’s economy early in 2026, though tariff uncertainty and USMCA renegotiation risks continue to cloud the outlook.
The next FT-900 trade report, covering May 2026, is scheduled for July 7. [Link to BEA Report]
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