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Trade gap narrows in April

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Trade gap narrows in April

Service sector hits record hit, while imports fall.

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, reported today that the nation’s international goods and services deficit was $40.9 billion in April, down $9.7 billion from a revised $50.6 billion in March. March’s deficit was the largest monthly deficit since 2008.

Analysts had expected a deficit of $44 billion. 

April exports were $189.9 billion, $1.9 billion more than March exports. April imports were $230.8 billion, $7.8 billion less than March imports.

The April decrease in the goods and services deficit reflected a decrease in the goods deficit of $9.3 billion to $60.7 billion and an increase in the services surplus of $0.4 billion to $19.8 billion.

Year-to-date, the goods and services deficit increased $1.5 billion, or 0.9 percent, from the same period in 2014. Exports decreased $18.0 billion or 2.3 percent. Imports decreased $16.5 billion or 1.8 percent. 

For the full report, click here.

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