Data released Tuesday showed that the US trade balance deficit narrowed to $ 68.9 billion in April, from a record $ 75 billion in March. Wells Fargo Analysts They note that the April trade report suggests that net trade is likely to provide a modest boost to GDP growth in the second quarter.
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“The trade deficit in goods was reduced by 6.2 billion dollars in April, the highest amount since the beginning of 2019. Exports of goods increased 1.1%, driven by a gain of 4.9% in exports of capital goods, excluding automotive, where civil aircraft accounted for most of the gain, in part reflects renewed demand for travel. “
“Imports of goods fell 1.9% and were held back by a 3.9% drop in consumer goods.”
“The April report presents an upside risk to our currently published forecast for net exports of subtracting 1.3 percentage points from overall GDP growth in the second quarter. Imports were much weaker than we previously expected, suggesting that net exports may provide a modest boost to overall second-quarter growth. “
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