According to Manuel Gutierrez, Consulting Economist to the National Kitchen and Bath Association, “There was a modest improvement in the U.S. trade position in April, which is the most current data available at presstime, with the negative balance falling from $75 billion in March to the current $69 billion. Despite this positive movement, the balance has been worsening since the beginning of the pandemic in March 2020, when the deficit was $47 billion.
“In fact, the balance of trade had remained relatively stable throughout the decade from 2010 to 2019, ranging between $33 billion and $56 billion, with a monthly average of $45 billion.
“One reason for the improvement in trade since the beginning of last year is that the U.S. economy has recovered faster than most of its trading partners. This has led to increases in U.S. imports, driven by Americans’ needs, which are rising faster than U.S. exports that are dependent on the strength of foreign economies.
“Exports rose in April, up by 1.1 percent to $205 billion, but still remain below the historically high levels reached in 2019, when the U.S. economy was booming.
“Trade data includes imports and exports of both Goods and Services. The vast majority of trade dollars are in the form of Goods, accounting for 79 percent of the value of all U.S. exports and imports combined.”
For more information, go to www.nkba.org.