US Trade Deficit Falls to a Seven-month Low

Exports rose to a record high, lifted by an increase in shipments of industrial materials and soybeans

Image Credits: Rolf Schulten/Bloomberg via Getty Images.

The U.S. trade deficit fell to a seven-month low in April as exports rose to a record high, lifted by an increase in shipments of industrial materials and soybeans.

The Commerce Department said on Wednesday the trade gap dropped 2.1 percent to $46.2 billion, the smallest since September. Data for March was revised to show the trade deficit falling to $47.2 billion, instead of the previously reported $49.0 billion.

The government also revised trade data going back to 2010. Economists polled by Reuters had forecast the trade deficit unchanged at $49 billion in April.

When adjusted for inflation, the trade gap narrowed to $77.5 billion from $78.2 billion in March. The so-called real trade deficit is below its $82.5 billion average in the first quarter.

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