U.S. trade deficit narrows sharply in April, as imports drop by most on record

U.S. trade deficit narrows sharply in April, as imports drop by most on record

The port of Oakland, Calif., in May. The U.S. trade gap contracted by a record 55.5 per cent to US$61.6-billion, the lowest since September of 2023.

The U.S. trade deficit narrowed sharply in April, with imports decreasing by the most on record as the front-running of goods ahead of tariffs ebbed, which could provide a lift to economic growth this quarter.

The trade gap contracted by a record 55.5 per cent to US$61.6-billion, the lowest level since September, 2023, the Commerce Department’s Bureau of Economic Analysis said on Thursday. Data for March was revised to show the trade deficit having widened to an all-time high of US$138.3-billion rather than the previously reported US$140.5-billion.

Economists po