WASHINGTON: The US trade deficit expanded slightly less than analysts expected in April, to the widest since late 2022, as imports rose more quickly than exports, according to government data released Thursday.
The overall gap was $74.6 billion, growing from March’s revised $68.6 billion figure, said the Commerce Department.
This was the largest deficit since October 2022, according to official data.
US consumption has been more resilient than anticipated even as the central bank rapidly hiked interest rates to dampen demand — and this has helped to support imports.
But with weaker global demand, there have been concerns that export growth would not be able to keep up.
Investors are also watching the Federal Reserve for the outcome of its policy meeting next week, looking for hints on when it might start cutting interest rates.
“The early data are pointing to a drag from trade in the second quarter,” said Rubeela Farooqi, chief US economist at High Frequency Economics.
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