$327.1b US exports in April touch record high
The United States trade deficit narrowed in April as exports of petroleum products and capital goods jumped to record highs, a trend that if sustained
The United States trade deficit narrowed in April as exports of petroleum products and capital goods jumped to record highs, a trend that if sustained, will put trade on course to contribute to economic growth in the second quarter.The trade gap contracted 1.2% to $55.9 billion, the Commerce Department's Bureau of Economic Analysis and Census Bureau said.
Data for March were revised lower to show the deficit at $56.6 billion instead of the previously reported $60.3 billion.Exports increased 2.6% to $327.1 billion, a record high. Goods exports surged 4.1% to a record $221.3 billion.Petroleum exports increased to a record high of $36.7 billion from $27.6 billion in March, driven by higher volumes and oil prices tied to West Asia conflict.
The United States is a net oil exporter.Crude prices have shot above $100 per barrel since the war started in late February.The increase in petroleum products, including crude oil, pushed
exports of industrial supplies and materials to a record high of $89.0 billion. The nation's petroleum trade surplus swelled to a record high of $17.7 billion from $9.4 billion in March.
The BriefWire