The nominal trade deficit widened in April for the fifth consecutive month, reaching $47.2 billion as exports declined slightly while imports increased during the month. April's decline in exports and increase in imports were relatively broad based across major product categories. The decline in exports was mainly a result of the drop in exports of capital goods, foods, and autos and auto parts. On the imports side, consumer goods remained the biggest contributor to the total increase. Notably, imports of food continued to grow in April following an outsized jump in March (some analysts have attributed recent strong growth in food imports to the weather-related drop in crop yields). Growth of both exports and imports decelerated on a year-over-year basis in April, continuing on a low growth trajectory compared with recent history (excluding plunges in international trade during recessions).
