The US April trade balance came in at a $46.2bn deficit, narrower than expectations (Nomura: $47.6bn, Consensus: $49.0bn), after a $47.2bn deficit in March, notes the research team at Nomura.
Key Quotes
“Goods imports fell 0.3% m-o-m, while goods exports rose a modest 0.2% m-o-m in April. While the narrower-than-expected trade data suggest less drag from net exports to Q2 GDP growth than we expected, there seems to be elevated uncertainty on incoming trade data as suppliers rush to adjust to shifting US trade policies.”
“Moreover, recent US dollar appreciation may dampen US exports growth somewhat. In addition, economic growth abroad is showing signs of a slowdown, which could weigh on US exports.”
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