Data through April suggest that U.S. international trade growth continues to accelerate. The 3-month moving average of total exports were up 5.8% year over year while imports grew 7.3%.

An annualized services trade surplus of $0.25 trillion and a goods trade deficit of $0.80 trillion net to a total trade deficit of $0.55 trillion.

The petroleum trade deficit has narrowed substantially since 2011, while the trade balance excluding petroleum is near record lows.

Shown below are the major categories of goods and services and their historical levels of imports and exports.