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Record contraction in US trade deficit

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The foreign trade deficit in the USA decreased from 107.6 billion dollars to 87.08 billion dollars in April with the increase in exports and the decrease in imports. The trade deficit thus narrowed to a record in dollar terms.

The median estimate of economists surveyed by Bloomberg was $89.5 billion.

In this period, exports increased by 3.5 percent and reached a record level of 252.6 billion dollars. Imports fell 3.4 percent to $339.70 billion as economic activity in China fell to its lowest level since February 2020.

Inflation, which is at the peak of 40 years, is expected to put pressure on foreign trade this year. The World Trade Organization also lowered its estimates for global trade volume.

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