US trade deficit increases in April

Data for March was revised to show the trade gap narrowed slightly to $68.6 billion, instead of the previously reported $69.4 billion.

Economists polled by Reuters had forecast the deficit would rise to $76.1 billion in April.

The economy grew at an annualized rate of 1.3% last quarter, after having expanded at a rate of 3.4% in the October-December period.

Imports rose 2.4% to $338.2 billion in April. Imports of goods grew by 8.1 billion, to 271.9 billion. Imports of motor vehicles and their parts and capital goods, such as computer accessories and telecommunications equipment, as well as industrial supplies and materials, including oil, increased.

Service imports decreased to $66.3 billion.

Exports rose 0.8% to $263.7 billion. Exports of goods grew by 2.2 billion, to 172.7 billion. Likewise, exports of capital goods and consumer goods rose, while those of industrial supplies and materials fell. Service exports decreased by $200 billion to $172.7 billion.