With imports rising and exports falling, the Commerce Department released a report on Friday showing that the U.S. trade deficit widened more than expected in the month of April.
The Commerce Department said the trade deficit widened to $47.6 billion in April from a revised $45.3 billion in March.
Economists had expected the trade deficit to widen to $46.1 billion from the $43.7 billion originally reported for the previous month.
The wider than expected trade deficit was partly due to an increase in the value of imports, which climbed by 0.8 percent to $238.6 billion in April from $236.7 billion in March.
Imports of cell phones and other household goods and capital goods showed notable increases, more than offsetting a drop in imports of crude oil.
Additionally, the Commerce Department said the value of exports fell by 0.3 percent to $191.0 billion in April from $191.5 billion in March.
Exports of artwork, antiques, stamps, and other collectibles, pharmaceutical preparations and passenger cars decreased, while exports of foods, feeds, and beverages increased.
The report also said the goods deficit rose to $68.4 billion in April from $66.1 billion in March, and the services surplus edged down by less than $0.1 billion to $20.8 billion.
by RTT Staff Writer
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