US Trade Deficit Shrinks to 55.9 Billion Dollars in April
The U.S. trade gap contracted 1.2% in April as exports reached a record peak, potentially positioning trade to support economic growth this quarter. Data from the Commerce Department showed the deficit narrowed to 55.9 billion dollars, slightly better than the 56.2 billion dollars forecast by economists.
Insights:
The United States trade deficit narrowed 1.2% to $55.9 billion in April as exports jumped to a record high. This contraction outperformed economist forecasts of $56.2 billion and followed a downwardly revised $56.6 billion deficit in March. The shift positions trade to contribute to economic growth this quarter after acting as a drag on gross domestic product for two consecutive periods.
