Record oil exports narrow U.S. trade deficit in April despite AI-driven import surge

The U.S. goods trade deficit unexpectedly contracted in April 2026, as crude oil and petroleum product exports hit an all-time high, offsetting a sharp rise in capital goods imports tied to artificial intelligence spending, the Commerce Department reported on May 29. The deficit fell 3.4% to $82.4 billion, beating forecasts of $86.5–87 billion. Goods exports climbed 4% to $219.7 billion, while imports rose 1.9% to $302.1 billion. Crude exports topped 6.4 million barrels per day—a record—according to the Energy Information Administration, as U.S. producers filled supply gaps left by Middle East disruptions. Capital goods imports, however, soared 40.1% from a year earlier to a new high, driven by data center and AI infrastructure demand. Pantheon Macroeconomics’ Oliver Allen noted the data showed rapid growth in computer-equipment imports related to the AI boom. Wholesale inventories rose 0.5%, while some economists warned that rising stockpiles could reflect softer demand, as high inflation continues to squeeze household budgets.