US trade deficit posts sharp retreat on falling imports

WASHINGTON, June 7 — A jump in exports and similar decline in imports caused the US trade gap in April to reverse most of the prior month’s increase, retreating from a record to US$87.1 billion , according to government data released today.

Imports fell by US$12.1 billion, half of which was due to the decline in purchases of consumer goods, added to a drop in industrial supplies, while auto imports rose, according to the data. Exports increased by US$8.5 billion, pushed by jumps in industrial supplies, and foods, notably soybeans, the report said.

“In the near term, export demand will continue to face strong headwinds from fragile economic conditions in Europe amid the ongoing war in Ukraine, while the threat of new lockdowns will keep China’s growth outlook uncertain despite the reopening of Shanghai,” he said.

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