The US trade balance showed a slight improvement, reaching $55.9 billion, marking the second month under the new commercial landscape dictated by the Supreme Court.
The US international trade deficit in goods and services fell by 1.2% in April, reaching $55.9 billion, a decrease of $700 million compared to the revised March figure ($56.6 billion).
These figures, released by the Census Bureau and the Bureau of Economic Analysis (BEA), reflect the second full month since the Supreme Court radically altered the US commercial landscape by invalidating much of former President Donald Trump’s tariff policy.
The “Ormuz Effect”: Oil Exports Surge
In April, US exports of goods and services rose to $327.1 billion, a 2.6% increase from March.
The main driver of this growth was the energy sector. Due to the war launched by the US and Israel against Iran, and the subsequent Iranian blockade of the Strait of Hormuz (a strategic route for gas and crude oil), the world has turned to the US as an energy alternative.
- Industrial supplies on the rise: Increased by $2.5 billion, strongly driven by crude oil sales ($6.4 billion), fuel oil ($1.3 billion), and other petroleum products.
- Capital goods: Rose by $4 billion, with computers ($2.5 billion) and civilian aircraft ($1 billion) standing out.
- Drop in metals: In contrast, exports of non-monetary gold fell sharply by $5.8 billion.
Strong Imports and the End of the Tariff Era
Imports also showed strength, growing by 2% to reach $383 billion, driven by purchases of capital goods such as computers, semiconductors, and telecommunications equipment. This volume of purchases largely offset the export boom.
April marked the second full month operating under a new legal framework. In February, the Supreme Court ruled that it was illegal to argue a “national emergency” to impose global tariffs, dismantling Trump’s “reciprocal” tariff scheme. Currently, only a 10% rate (imposed through other legal means) remains, set to expire in July.
The balance between goods and services:
- The goods (merchandise) deficit shrank to $83.7 billion.
- The services surplus decreased slightly, settling at $27.8 billion.
How Did the Balance Fare with the Rest of the World?
The US foreign trade map left the following balances with its main partners in April:
- Mexico: Recorded the largest deficit for the US, reaching $14.8 billion.
- China: The negative balance decreased by $2.6 billion, settling at $12 billion.
- European Union and Canada: Posted deficits of $7.2 billion and $6.2 billion, respectively.
- Latin America (South and Central America): The US increased its surplus to $7.8 billion.
- United Kingdom: The US surplus shrank, settling at $2.6 billion.
A Look at the Year: Deficit Nearly Halved
For the year to date, the trend is highly favorable for the US economy. Compared to the same period in 2025, the goods and services deficit has shrunk by 49.1% ($213.5 billion less). This is due to exports growing by 11.3% year-to-date, while imports have fallen by 5.5%.
