US goods trade deficit narrows in April on strong exports

The U.S. trade deficit in goods contracted in April as a surge in exports more than offset rising imports, a trend that if sustained could see trade contributing to economic growth in the second quarter.

The goods trade gap narrowed 3.4 percent to US$82.4 billion last month, the Commerce Department's Census Bureau said on Friday. Economists polled by Reuters had forecast the goods trade deficit at US$86.5 billion.

Goods exports increased US$8.5 billion to US$219.7 billion. Imports of goods rose US$5.6 billion to US$302.1 billion.

The trade deficit subtracted 1.25 percentage points from gross domestic product in the first quarter. The economy grew at a 1.6 percent annualized rate last quarter after expanding at a 0.5 percent pace in the October-December quarter.

Reuters

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