The U.S. trade deficit shrank to its lowest level since September 2023 as exports increased and imports declined. In April, the trade deficit fell 55.5% to -$61.6B. This marks the largest monthly decline since 1992.
The U.S. international trade in goods and services, also known as the FT-900, is published monthly by the Bureau of Economic Analysis with data going back to 1992. The monthly reports include revisions that go back several months. This trade balance measures the difference in value between imported and exported goods and services.
Here is an excerpt from the latest report:
The U.S. monthly international trade deficit decreased in April 2025 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $138.3 billion in March (revised) to $61.6 billion in April, as exports increased and imports decreased. The goods deficit decreased $75.2 billion in April to $87.4 billion. The services surplus increased $1.5 billion in April to $25.8 billion.
This indicator is somewhat volatile, with an 8.8% absolute average monthly change. The latest data point saw a 55.5% month-over-month change. Here is a snapshot that includes the six-month moving average which gives a better sense of the overall trend. The latest six-month moving average is at -$104.8B.
As mentioned earlier, the trade balance measures the difference in value between imported and exported goods and services. In April, imports were down $68.40 billion (-16.3%) to $350.99B. This is the lowest level for imports in six months and is the largest monthly decline on record. Meanwhile exports increased by $8.30 billion (3.0%) to $289.37B. This is the highest level on record for exports and marks the fourth straight month of increases. Since exports rose and imports declined, the trade deficit decreased.
