The advance estimate of the goods trade balance for April was $68.2bn, down $0.4bn from $68.6bn in March as goods exports declined slightly after a strong increase in March, points out the research team at Nomura.
Key Quotes
“Although we had expected goods imports to rebound after an unexpected decline in March, goods imports fell $1.1bn (down 0.5% m-o-m) from the March estimate. On services, we expect service imports to stabilize after large fluctuations in previous months caused by payments related to 2018 Winter Olympic Games broadcasting rights. For service exports, we expect steady increases.”
“Based on these estimates, our forecast for the April trade balance is a deficit of $47.6bn, a decline of $1.4bn from $49.0bn in the previous month. Note that the BEA’s annual revision to international trade data will be released with the upcoming report.”
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