U.S. Goods Trade Deficit Narrows in April After March Widening
Summary
- Deficit: $82.4 bil. in April, down $2.9 bil. (-3.4%) from March’s $85.3 bil.
- Exports +4.0%, fourth straight m/m gain to a record level, driven by a 7.8% rebound in nonauto consumer goods exports.
- Imports +1.9%, third consecutive m/m rise to highest level since Mar. ’25, led by a 7.5% recovery in imports of other goods.
The advance estimate of the U.S. international trade deficit in goods unexpectedly narrowed to $82.40 billion in April after widening to a three-month-high $85.27 billion in March, according to data from the U.S. Census Bureau. The April reading, the first narrowing in the goods trade deficit in three months, was smaller than a $85.71 billion shortfall in April 2025. A deficit of $88.2 billion for April had been expected by the Action Economics Forecast Survey. The deficit reached a recent low of $57.95 billion in October 2025 (the smallest since March 2016) and a record-high $161.50 billion in March 2025.
In Q1'26, the goods trade deficit widened to $247.94 billion after narrowing to $239.27 billion in Q4'25; the monthly deficit averaged $82.65 billion in Q1'26, up from $79.76 billion in Q4'25. In real terms, the goods trade deficit subtracted 1.20%-point from real GDP growth in Q1'26 after having added 0.13%-point in Q4'25.
Total goods exports, up for the fourth straight month, advanced 4.0% m/m (15.6% y/y) to a record-high $219.67 billion in April, on top of a 2.9% increase to $211.20 billion in March. Exports were up 35.2% from a June 2023 low. The m/m gain in exports in April reflected m/m rises of 7.8% (6.8% y/y) in nonfood consumer goods excluding autos, 7.5% (20.6% y/y) in capital goods excluding autos, 4.5% (8.2% y/y) in other goods, and 2.1% (17.8% y/y) in industrial supplies & materials. To the downside, exports of automotive vehicles & parts (-2.8%; +5.6% y/y) and foods, feeds & beverages (-0.3%; +9.5% y/y) declined m/m in April.
Total goods imports, up for the third consecutive month, rose 1.9% m/m (9.6% y/y) to $302.07 billion in April, after a 3.3% rise to $296.47 billion in March, marking the highest level since the March 2025 record high of $343.82 billion. Imports were up 20.1% from a June 2023 low. The m/m rise in imports in April reflected m/m increases of 7.5% (19.6% y/y) in other goods, 5.6% (40.1% y/y) in capital goods excluding autos, and 0.3% (-5.5% y/y) in foods, feeds & beverages. In contrast, imports of industrial supplies & materials (-1.9%; +2.2% y/y), automotive vehicles & parts (-1.5%; +4.6% y/y), and nonfood consumer goods excluding autos (-1.0%; -19.8% y/y) fell m/m in April.
The advance international trade data can be found in Haver's USECON database. The expectation figure is from the Action Economics Forecast Survey, which is in AS1REPNA.
Winnie Tapasanun
AuthorMore in Author Profile »Winnie Tapasanun has been working for Haver Analytics since 2013. She has 20+ years of working in the financial services industry. As Vice President and Economic Analyst at Globicus International, Inc., a New York-based company specializing in macroeconomics and financial markets, Winnie oversaw the company’s business operations, managed financial and economic data, and wrote daily reports on macroeconomics and financial markets. Prior to working at Globicus, she was Investment Promotion Officer at the New York Office of the Thailand Board of Investment (BOI) where she wrote monthly reports on the U.S. economic outlook, wrote reports on the outlook of key U.S. industries, and assisted investors on doing business and investment in Thailand. Prior to joining the BOI, she was Adjunct Professor teaching International Political Economy/International Relations at the City College of New York. Prior to her teaching experience at the CCNY, Winnie successfully completed internships at the United Nations. Winnie holds an MA Degree from Long Island University, New York. She also did graduate studies at Columbia University in the City of New York and doctoral requirements at the Graduate Center of the City University of New York. Her areas of specialization are international political economy, macroeconomics, financial markets, political economy, international relations, and business development/business strategy. Her regional specialization includes, but not limited to, Southeast Asia and East Asia. Winnie is bilingual in English and Thai with competency in French. She loves to travel (~30 countries) to better understand each country’s unique economy, fascinating culture and people as well as the global economy as a whole.
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