2017 Economic Calendar
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International Trade in Goods  
Released On 5/25/2017 8:30:00 AM For Apr, 2017
PriorPrior RevisedConsensusConsensus RangeActual
Balance$-64.8 B$-65.1 B$-64.6 B$-65.5 B to $-62.0 B$-67.6 B
Exports % change-1.7 %-0.3 %-0.9 %
Imports % change-0.7 %0.1 %0.7 %

A key early indication on the strength of second-quarter GDP is not favorable as the nation's goods deficit widened $2.5 billion in April to $67.6 billion. Exports of goods continue to show weakness, down 0.9 percent in the month to $125.9 billion that show sharp declines for vehicles and consumer goods. Imports of goods, which are a subtraction in the national accounts, rose 0.7 percent in the month to $193.4 billion with consumer goods and agriculture both rising.

Also released with this report are advance data on wholesale and retail inventories, both down 0.3 percent in the month and also negatives for GDP.

A widening trade deficit that includes a weakening in exports is a negative for the economy, pointing to currency outflow and soft global demand. In contrast, the draws in inventories, though negatives for GDP, are positives for the outlook, lowering the risk of unwanted overhang and pointing to the promise of having to rebuild stocks.

Consensus Outlook
The goods deficit in March widened slightly on export declines for industrial supplies and consumer goods and an import jump for cars. The consensus for the April gap is $64.7 billion vs $65.5 billion in March (revised from $64.8 billion in the advance release). April goods data will offer an early input for second-quarter GDP.

The Census Bureau is now publishing an advance report on U.S. international trade in goods. The Bureau of Economic Analysis will incorporate these data into its estimates of exports and imports for the advance GDP estimates. This is expected to reduce the size of revisions to GDP growth in the second estimates.

Note that data in the advance goods report are accounted for on a census basis and can differ slightly from subsequent data in the international trade report where goods data are accounted for on a balance of payment basis to adjust for changes in ownership that can occur without goods passing into or out of the US.  Why Investors Care

2017 Release Schedule
Released On: 1/262/283/284/275/256/287/278/289/2810/2611/2812/28
Release For: DecJanFebMarAprMayJunJulAugSepOctNov

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