U.S. International Trade in Goods and Services, April 2026

The U.S. trade deficit narrowed slightly in April, falling to $55.9 billion as exports rose faster than imports, according to data released jointly by the Census Bureau and the Bureau of Economic Analysis. The $0.7 billion decline from March's revised figure marked a continuation of a sharp year-to-date improvement. April exports climbed $8.3 billion to $327.1 billion, while imports increased $7.6 billion to $383.0 billion, the agencies reported [1]. The goods deficit shrank by $2.4 billion to $83.7 billion, though the services surplus also contracted, decreasing $1.7 billion to $27.8 billion [1]. For the first four months of the year, the overall deficit has plummeted by $213.5 billion, or 49.1 percent, compared to the same period in 2025. Exports year-to-date are up $128.2 billion, an 11.3 percent gain, while imports have fallen $85.3 billion, or 5.5 percent [1]. The April figures arrive amid a multi-front trade policy offensive by the Trump administration. A trade war with Canada and Mexico, initiated on February 1, 2025, imposed 25 percent tariffs on most imports from both countries, with a lower 10 percent levy on Canadian energy products [3]. The administration stated the tariffs were intended to reduce the U.S. trade deficit and force action on border security [3]. Canada retaliated with 25 percent tariffs on CA$30 billion of American goods, later expanding the list to CA$155 billion [3]. As of August 2025, over 85 percent of Canada-U.S. trade and 84 percent of Mexico-U.S. trade remained tariff-free due to an exemption for goods compliant with the U.S.-Mexico-Canada Agreement [3]. The trade conflict with China has also escalated sharply. By 2025, the U.S. had imposed a 145 percent tariff on Chinese goods, and China responded with a 125 percent tariff on American goods [5]. These measures are forecast to cause a 0.2 percent loss in global merchandise trade [5]. The April data showed the bilateral deficit with China on a Census basis narrowed by $2.6 billion to $12.0 billion, as imports from China fell more sharply than exports [1]. President Trump visited China in May 2026 for a state visit, where he and Chinese leader Xi Jinping agreed to establish what Xi called a constructive relationship of strategic stability [6]. Broader geopolitical turmoil is also shaping trade flows. The U.S. and Israel have been at war with Iran since late February 2026, a conflict that has included Iran's closure of the Strait of Hormuz and disrupted global oil and gas shipments [4]. The economic impact has included the largest-ever supply disruption in the global oil market and volatility in financial markets [4]. The April trade release showed a $6.4 billion increase in crude oil exports, alongside a $5.8 billion drop in nonmonetary gold exports [1]. The International Trade Administration, an agency within the Commerce Department, is tasked with promoting U.S. exports of nonagricultural goods and services [2]. The next trade data release, covering May 2026, is scheduled for July 7 [1].