The U.S. trade deficit narrowed sharply to $61.6 billion in April 2025, down -55.5% MoM from $138.3 billion in March, as imports plunged and exports rebounded.

• Exports rose +3.0% MoM to $289.4 billion, led by industrial supplies (+$10.4B), nonmonetary gold (+$4.2B), and financial/travel services (+$2.1B combined).
• Imports fell -16.3% MoM to $351.0 billion, driven by steep declines in consumer goods (-$33.0B), pharmaceuticals (-$26.0B), and industrial supplies (-$23.3B).
• The goods deficit fell -$75.2 billion to $87.4 billion, while the services surplus rose +$1.5 billion to $25.8 billion.
• Real goods deficit fell -42.9% MoM to $85.6 billion; real goods imports dropped -19.9% and exports rose +3.1%.
• Largest trade deficits were with China (-$19.7B), EU (-$17.9B), and Vietnam (-$14.5B); Switzerland shifted to a +$3.5B surplus from a -$15.4B deficit in March.