Net Exports Positive, Imports Fall

Second-quarter net exports open up on the positive side, at a goods deficit of $68.2 billion in April vs $68.6 in March and far better than expectations which were calling for a much deeper $71.0 billion deficit.

But the mix of the results are less favorable as exports of goods fell 0.5 percent to $139.6 billion reflecting sharp slowing for vehicles and also capital goods that offset gains for industrial supplies and especially food products. The import side is more favorable, falling 0.5 percent to $207.8 billion after March's 1.5 percent decline with consumer goods falling very sharply, down 5.3 percent after March's 1.7 percent dip.

The decline in exports aside, today's results are positive and should give a lift to early estimates for second-quarter GDP.