EmailThe international trade deficit narrowed slightly from $52.6 bln in March to $50.1 bln in April. The Briefing.com consensus expected the deficit to fall to $49.7 bln. April exports fell $1.5 bln to $182.9 bln while imports declined $4.1 bln to $233.0 bln.
The drop in exports was primarily driven by a $0.8 bln decline in civilian aircraft and aircraft engines and a $0.4 bln drop in chemical exports. Imports of computer equipment fell by $1.0 bln. That drop will likely prompt us to lower our second quarter forecast for nonresidential investment in equipment and software. Other notable import declines were seen in pharmaceuticals ($1.4) and petroleum products ($0.5 bln). The goods deficit declined from $67.5 bln in March to $64.8 bln in April while the services surplus fell $0.1 bln to $14.8 bln.
