The merchandise trade deficit narrowed in April for the first time since 2021
Imports of consumer goods fell from record highs, falling 4.2 per cent to $63.6 billion
The US merchandise trade deficit narrowed for the first time this year as exports surged to record levels and imports fell from record highs.
The trade deficit narrowed to $85.2 billion in April from $90.6 billion in the previous month, according to data released by the Commerce Department on Friday. Economists surveyed by Bloomberg had a median estimate of $92 billion.
Imports fell 2.2 per cent to $229.9 billion, while exports rose 1.2 per cent to $144.7 billion. Imports of consumer goods fell from record highs, falling 4.2 per cent to $63.6 billion.
Car imports fell to $29.4 billion. Car exports fell 8 per cent to $11.9 billion, the biggest drop since May 2020.
Carmakers said in April that they had expanded and extended production cuts at some plants in North America in response to a growing global shortage of semiconductors.