U.S. Trade Deficit Narrows To $55.9 Billion In April, Roughly In Line With Estimates
(RTTNews) - The Commerce Department released a report on Tuesday showing the U.S. trade deficit narrowed roughly in line with economist estimates in the month of April.
The report said the trade deficit shrank to $55.9 billion in April from a revised $56.6 billion in March. Economists had expected the trade deficit to decrease to $55.8 billion from the $60.3 billion originally reported for the previous month.
The narrower trade deficit came as the value of exports surged by more than the value imports during the month.
The Commerce Department said the value of exports spiked by 2.6 percent to $327.1 billion in April after jumping by 2.2 percent to $318.8 billion in March.
The value of crude oil exports saw a substantial increase amid higher prices, while exports of computers and consumer goods also saw notable growth.
Meanwhile, the report said the value of imports shot up by 2.0 percent to $383.0 billion in April after surging by 2.3 percent to $375.4 billion in March.
Higher imports of capital goods such as computers, semiconductors and telecom equipment more than offset a decrease in imports of industrial supplies and materials.
The Commerce Department also said the goods deficit narrowed to $83.7 billion in April from $86.1 billion in March, while the services surplus decreased to $27.8 billion in April from $29.5 billion in March.
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