US trade deficit rises 8.5% in April
Washington: The US trade deficit rose 8.5 percent in April to USD 40.3 billion, the Commerce Department said Tuesday.
In March, according to revised figures, the trade deficit stood at USD 37.1 billion, compared to USD 38.82 billion calculated earlier.
The April number is slightly better than what had been predicted by analysts who had forecast that the trade deficit would rise to USD 41.5 billion.
The increase was due to the rise in imports, which grew by 2.4 percent to USD 227.7 billion, compared with exports, which grew just 1.2 percent to USD 187.4 billion.
The deficit with China, Washington's second-largest trade partner, shot up in April by almost 35 percent to USD 24.1 billion, compared with USD 17.9 billion in the previous month.
One piece of good news was that US authorities confirmed that the petroleum import deficit declined for its third consecutive month and oil imports are now at their lowest level since November 2010.