The US trade deficit widened sharply in April as imports of goods rose and exports fell, a trend that, if continued, could make trade a drag on economic growth in the second quarter of this year.
The trade deficit widened 23.0 percent to $74.6 billion, the Commerce Department said Wednesday. March data was revised to show the trade deficit narrowed to $60.6 billion from a previously reported $64.2 billion.
Trade did not contribute to the US economy’s 1.3% annualized growth rate in the first quarter, after helping gross domestic product grow for three consecutive quarters.
Source: Terra
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