June 14, 2012 by NADCA in Industry News
The AP (6/8, Crutsinger) reported the US trade deficit "shrank in April, but only because a big drop in imports offset the first decline in US exports in five months. The Commerce Department said Friday that the trade deficit narrowed 4.9 percent in April to $50.1 billion." Exports, "which had hit a record the previous month, fell 0.8 percent to $182.9 billion," while imports, "which also set a record in March, dropped an even greater 1.7 percent to $233 billion."
Bloomberg News (6/9, Chandra) reported, "American exports fell 11 percent to the European Union, where a sovereign debt crisis has pushed the region to the brink of recession and hindered the world economy. At the same time, slower job gains, cheaper crude oil and limited corporate investment may hold down the nation's trade bill."
AFP (6/9) reported, "The US trade gap in goods with Canada and China, its major trading partners, widened. The shortfall with Canada, the nation's largest trade partner, rose to $3.3 billion from $3.0 billion. The politically sensitive gap with China, the biggest US creditor, jumped to $24.6 billion from the prior month's $21.7 billion."
IndustryWeek (6/8, Minter) reported, "Increases in April exports occurred in foods, feeds, and beverages ($0.7 billion); automotive vehicles, parts, and engines ($0.4 billion); and consumer goods ($0.2 billion). Advanced technology products exports were $23.7 billion in April. Imports were $30.3 billion, resulting in a deficit of $6.7 billion. April saw a decrease in imports of goods for capital goods ($2 billion); industrial supplies and materials ($0.6 billion); other goods ($0.5 billion); consumer goods ($0.5 billion); and automotive vehicles, parts, and engines ($0.4 billion)."