WASHINGTON– The United States trade balance deficit in April is the largest since the end of 2022, according to official data released on Thursday.
The red in the balance of exchange of goods and services with abroad reached 74.6 billion dollars, which compares to 68.6 billion in March, indicated the Department of Commerce.
In 2022, the annual amount was $951.2 billion. Under Joe Biden’s government it is the worst record since 1960.
and in 2023 it was more than 770,000 million dollars. In 2021, there was another record number. That is, Joe Biden’s government has been setting records regarding the trade deficit for three consecutive years.
Now in April it is the largest deficit since October 2022, according to official statistics.
More imports and less exports
American consumption partly supported imports. And at the same time, global demand is weaker.
In April, imports rose 2.4% over March to $338.2 billion, while exports rose less, 0.8% to $263.7 billion.
The increase in imports is largely due to car purchases, the official report states.
The deficit in the exchange of goods with China fell from 2.5 billion dollars to 22.1 billion in April.
The resilience of consumption in 2022 and 2023 helped partially support the US economy, but the impact of rising interest rates due to the failed economic policies of the current administration in Washington is acutely felt among tens of millions of American families who They survive with credit cards with interest rates of up to 29%.
This comes at a time when Washington is applying a concept it calls “friendshoring.” This involves diversifying US supply chains among allies and partners, amid heightened concerns about competition with China and national security tensions between the world’s two largest economies.
In 2023, the United States’ goods deficit with Mexico increased to $152.4 billion, while with China it decreased to $279.4 billion.
Imports from Mexico rose by $20.8 billion to $475.6 billion, while the corresponding figure from China fell to $427.2 billion last year.
Source: With information from AFP.
