Market Updates
U.S. Trade Gap at a 2-year High in April
Mukesh Buch
04 Jun, 2014
New York City
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U.S. exports declined 0.2% to $193.3 billion in April, a decline of $300 million from March and imports increased 1.2% or $2.7 billion to $240.6 billion, the Commerce Department said today.
U.S. exports declined 0.2% to $193.3 billion in April, a decline of $300 million from March and imports increased 1.2% or $2.7 billion to $240.6 billion, the Commerce Department said today.
The increase in imports were driven by higher demand for food products, foreign made cars and computers and electronic products.
Imports from South Korea were at a record high and $14 billion trade deficit with the European Union and $7 billion with Germany were highest since the record keeping began.
Trade gap with China increased 33.7% to $27.3 billion in April, the largest gap since January and the largest trade gap with any nation.
The government agency said trade deficit in goods and services in April increased 6.9% to $47.2 billion from revised $44.2 billion in March. March month deficit originally was estimated at $40.4 billion.
In April month, petroleum imports decreased 2.2% to $29.8 billion and U.S. petroleum exports increased 3.1% to $11.8 billion.
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