U.S. Trade Deficit Narrows Slightly
June 8, 2012 by UPI - United Press International, Inc.
WASHINGTON (UPI) — The U.S. trade deficit dropped slightly from March to April, from $2.5 billion to $50.1 billion, the U.S. Census Bureau said Friday.
The trade gap declined for the second time in a six-month span as exports reached $182.9 billion and imports hit $233 billion.
Imports, which declined, included a $2 billion scale-back in capital goods and lesser declines in industrial supplies, consumer goods and automobiles and auto parts.
Exports, which also decreased, included a $1.5 billion drop in capital goods and a $1 billion decline in industrial supplies and materials.
In April, exports of services fell by $100 million while imports of services rose by the same amount, creating a $200 million total setback.
Among major trading partners, the U.S. deficit with China rose by $2.9 billion to $24.6 billion. The deficit with the Organization of Petroleum Exporting Countries rose by $2.4 billion to $11.5 billion.