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U.S. Trade Deficit Narrows as Exports Surge
Exports rose $8.5 billion to $219.7 billion as capital goods and consumer goods shipments offset a smaller increase in imports, the Commerce Department said.
- The United States Goods trade deficit narrowed 3.4% to $82.4 billion last month, the Commerce Department's Census Bureau reported on Friday.
- A record volume of more than 6.4 million barrels of oil exported daily amid the US-backed war in Iran drove Exports of Goods up 4.0% to $219.7 billion.
- Driven by a 5.6% jump in capital Goods, Imports of Goods rose 1.9% to $302.1 billion as businesses increased spending on investment.
- Carl Weinberg, chief economist at High Frequency Economics, noted the oil export windfall was likely offset by higher prices for critical materials imported from the Persian Gulf.
- Economists expect the US-backed war in Iran and a Supreme Court ruling striking down President Donald Trump's sweeping tariffs to boost Imports this year as firms build precautionary inventories.
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13 Articles
13 Articles
US Merchandise-Trade Deficit Narrows on Rise in Exports
The US merchandise-trade deficit narrowed in April as record exports in a category that includes oil and petroleum products helped offset a continued surge in imports of the capital goods key to the artificial intelligence boom.
·New York, United States
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Rising exports lower US goods trade deficit
·Pakistan
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U.S. Trade Deficit Narrows as Exports Surge
In April, the U.S. trade deficit in goods contracted due to a surge in exports that offset rising imports, potentially contributing to economic growth in the second quarter. The goods trade gap narrowed to $82.4 billion, according to the Commerce Department, surpassing economists' expectations.
·India
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Coverage Details
Total News Sources13
Leaning Left2Leaning Right4Center5Last UpdatedBias Distribution46% Center
Bias Distribution
- 46% of the sources are Center
46% Center
L 18%
C 46%
R 36%
Factuality
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