U.S. Trade Deficit Narrows in April as Exports Hit Record
The U.S. trade narrowed by 6.7% in April as automobile and oil imports declined and exports rose to a record, the Commerce Department said Thursday.
The gap between imports and exports declined to $43.7 billion, the smallest since December, Commerce figures showed.
Economists had forecast the deficit to widen to $48 billion, Bloomberg reported.
Exports increased 1.3% to a record $175.6 billion, boosted by sales of fuel oil, petroleum products and computers, Bloomberg said.
Imports slipped 0.4% to $219.2 billion. Demand for foreign-made autos and parts fell by $2.82 billion to $19.1 billion, and crude oil imports fell by $2.42 billion as prices rose.
