The United States trade deficit narrowed in April as exports of petroleum products and capital goods jumped to record highs, a trend that if sustained, will put trade on course to contribute to economic growth in the second quarter.The trade gap contracted 1.2% to $55.9 billion, the Commerce Department's Bureau of Economic Analysis and Census Bureau said. Data for March were revised lower to show the deficit at $56.6 billion instead of the previously reported $60.3 billion.Exports increased 2.6% to $327.1 billion, a record high. Goods exports surged 4.1% to a record $221.3 billion.Petroleum exports increased to a record high of $36.7 billion from $27.6 billion in March, driven by higher volumes and oil prices tied to West Asia conflict. The United States is a net oil exporter.Crude prices have shot above $100 per barrel since the war started in late February.The increase in petroleum products, including crude oil, pushed exports of industrial supplies and materials to a record high of $89.0 billion. The nation's petroleum trade surplus swelled to a record high of $17.7 billion from $9.4 billion in March.
$327.1 billion US exports in April touch record high
America's trade deficit shrank in April. This happened as exports of oil products and capital goods reached new highs. This trend could help trade contribute to economic growth this quarter. The trade gap reduced by 1.2 percent to 55.9 billion dollars. Exports climbed to a record 327.1 billion dollars. Petroleum exports saw a significant jump.















