With imports rising more than exports, the Commerce Department released a report on Friday showing that the U.S. trade deficit widened in the month of April.
The report said the trade deficit widened to $37.4 billion in April from a revised $35.5 billion in March. The deficit had been expected to widen to $41.0 billion from the $40.4 billion originally reported for the previous month.
The wider deficit reflected a jump in the value of imports, which surged up by 2.1 percent to $220.2 billion in April from $215.7 billion in March.
The Commerce Department pointed to notable increases in imports of capital goods and industrial supplies and materials.
Meanwhile, the report said the value of exports climbed by 1.5 percent to $182.8 billion in April from $180.2 billion in March.
Exports of industrial supplies and materials showed a significant increase, although exports of services edged lower.
The Commerce Department said the goods deficit widened to $58.8 billion, while the services surplus fell to $21.4 billion.
by RTT Staff Writer
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