U.S. Trade Gap Widened in April as Exports Slumped

The U.S. trade deficit widened in April for a second month as exports dropped to the lowest level in almost three years and some of the largest economies continued to contract.

The gap between imports and exports grew 2.2 percent to $29.2 billion, in line with forecasts, from a revised $28.5 billion in March that was larger than previously estimated, the Commerce Department said today in Washington. Foreign demand for U.S. goods dropped 2.3 percent, exceeding a decrease in imports.

Imports may rebound first in coming months as the U.S. economy begins to expand, while exports languish until a recovery takes hold among trading partners from Japan to Germany, widening the deficit further. That danger underscores Treasury Secretary Timothy Geithner’s call for other nations to implement stimulus and financial-rescue plans.

Read Full Article from Bloomberg

- Posted: 2009-06-10 09:15:34

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