*EPF513 06/13/2003
U.S. Trade Deficit Decreases in April along with Oil Prices
(Imports, exports both down for month) (940)

By Bruce Odessey
Washington File Staff Writer

Washington -- The U.S. trade deficit dropped in April as the value of imports fell more than that of exports, reflecting a sharp drop in oil prices, the Department of Commerce reports.

In a June 13 press release the department calculated the April deficit at a seasonally adjusted $42,028 million, comprising a goods deficit of $46,579 million and a services surplus of $4,551 million. The April total, still the third highest on record, was down from a revised record $42,874 million in March.

The value of oil imports came down in April to $8,188.8 million from $9,101.2 million in March as the average price of a barrel of crude tumbled from $30.27 to $26.02 while uncertainty about the war in Iraq receded.

Overall imports dropped 2.1 percent in April to $123,030 million, with especially large reductions in oil and natural gas, foreign autos and pharmaceuticals. Overall exports fell 2.2 percent to $81,002 million, the second decrease in a row, with especially large drops in computer accessories and petroleum products.

Little change in the U.S. trade balance has resulted so far from the sharp drop in the foreign-exchange value of the dollar, at least in part because the U.S. economy has been expanding more vigorously than the European Union economy while the Japanese economy remains stalled.

Among the big U.S. bilateral trade deficits in April, not seasonally adjusted, were those with China, $9,451 million; Japan, $5,969 million; Germany, $3,426 million; Venezuela, $1,452 million; Italy, $1,357 million; Taiwan, $1,350 million, and Saudi Arabia, $1,346 million.

Following are some key figures:

U.S. GOODS AND SERVICES EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance of payments basis, seasonally adjusted

Trade
balance Exports Imports

Jan.-Dec. 2001 -357,819 1,007,580 1,365,399
Jan.-Dec. 2002 -418,038 974,107 1,392,145

Jan.-April 2002 -124,277 317,119 441,396
Jan.-April 2003 -163,620 328,944 492,564

April 2002 -34,225 80,674 114,899
April 2003 -42,028 81,002 123,030

U.S. GOODS EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance of payments basis, seasonally adjusted

Trade
balance Exports Imports

Jan.-Dec. 2001 -427,215 718,712 1,145,927
Jan.-Dec. 2002 -482,872 681,874 1,164,746

Jan.-April 2002 -124,277 222,170 367,975
Jan.-April 2003 -163,620 230,567 413,166

April 2002 -39,773 56,871 96,644
April 2003 -46,579 57,222 103,801

U.S. SERVICES EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance of payments basis, seasonally adjusted

Trade
balance Exports Imports

Jan.-Dec. 2001 69,396 288,868 219,472
Jan.-Dec. 2002 64,834 292,233 227,399

Jan.-April 2002 21,528 94,949 73,421
Jan.-April 2003 18,979 98,377 79,398

April 2002 5,548 23,803 18,255
April 2003 4,551 23,780 19,229

U.S. GOODS EXPORTS, IMPORTS AND TRADE BALANCE, BY COUNTRY
Millions of dollars, on a Census basis, not seasonally adjusted

Bilateral April April
balance exports imports

Total -44,767 59,084 103,850

North America -7,156 22,481 29,637
Canada -3,812 14,632 18,443
Mexico -3,344 7,849 11,194

Western Europe -8,439 14,006 22,445
Euro Area -6,138 9,680 15,818
European Union -7,802 12,799 20,601
Austria -147 208 355
Belgium 433 1,199 765
Finland -203 128 331
France -877 1,560 2,437
Germany -3,426 2,479 5,905
Italy -1,357 788 2,144
Netherlands 867 1,828 961
Spain 36 602 565
Sweden -668 272 941
United Kingdom -791 2,743 3,534
Other EU -1,671 991 2,662

European Free Trade
Association -653 788 1,440
Norway -357 116 473
Switzerland -263 660 923
Other EFTA -32 12 45
Other Western Eur. 16 419 403

Eastern Europe, Former
Soviet Reps. -837 518 1,354
Hungary -201 50 251
Poland -56 54 109
Former Sov. Reps. -423 319 742
Russia -370 191 561
Other FSR -53 128 181
Other Eastern Europe -157 95 252

Pacific Rim -19,460 14,690 34,150
Australia 374 892 518
China -9,451 2,089 11,541
Japan -5,969 4,466 10,434
Newly Industrialized
Countries -2,240 5,375 7,615
Hong Kong 434 1,060 626
South Korea -1,129 1,929 3,058
Singapore -194 1,151 1,346
Taiwan -1,350 1,235 2,585
Other Pacific Rim -2,174 1,868 4,042

South/Cent. America -2,770 4,030 6,801
Argentina -61 183 244
Brazil -553 845 1,398
Colombia -279 280 560
Other S/C America -1,877 2,722 4,599

OPEC -5,033 1,276 6,309
Indonesia -662 193 855
Nigeria -685 105 789
Saudi Arabia -1,346 380 1,726
Venezuela -1,452 174 1,626
Other OPEC -889 423 1,313

Other countries -3,198 2,438 5,635
Egypt 68 164 95
South Africa -147 192 339
Other -3,119 2,082 5,201

NOTE: Data on a Census basis reflect movement of goods into and out of the United States through U.S. Customs Service stations. Balance-of-payments basis data adjust Census data to include products that bypass Customs, such as exports of military aircraft and imports of electricity from Canada.

(The Washington File is a product of the Bureau of International Information Programs, U.S. Department of State. Web site: http://usinfo.state.gov)

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