WASHINGTON – America’s trade imbalance for goods shrank in April as export growth outweighed increased imports, creating a positive trend that could boost economic expansion in the current quarter if it continues.
The Commerce Department’s Census Bureau reported Friday that the goods trade imbalance decreased 3.4% to $82.4 billion during April. Economic forecasters surveyed by Reuters had predicted the deficit would reach $86.5 billion.
Export sales of goods jumped by $8.5 billion to reach $219.7 billion. Meanwhile, goods brought into the country climbed $5.6 billion to $302.1 billion.
Trade activity reduced gross domestic product by 1.25 percentage points during the first quarter. The nation’s economy expanded at a 1.6% annualized pace in that period, following growth of 0.5% in the October through December quarter.
