Tuesday, July 5

U.S. Trade Deficit Narrows Sharply

Washington-- The U.S. trade deficit narrowed sharply in April as imports declined, the U.S. government reported Tuesday, suggesting that trade could contribute to economic growth in the current April-June quarter for the first time in two years.

The U.S. Commerce Department said the trade deficit dropped 19.1 percent to $87.1 billion. Imports of goods and services fell 3.4 percent to $339.7 billion, while exports increased 3.5 percent to $252.6 billion.

A record trade deficit subtracted 3.2 percentage points from gross domestic product (GDP) in the first quarter, resulting in GDP contracting at a 1.5 percent annual rate after expanding at a strong 6.9 percent annual pace in the fourth quarter of 2021.

Source: Saudi Press Agency