WASHINGTON (Reuters) – The U.S. trade deficit widened sharply in April as imports of goods rebounded while exports declined, a trend that if sustained, could result in trade being a drag on economic growth in the second quarter.
The trade deficit increased 23.0% to $74.6 billion, the Commerce Department said on Wednesday. Data for March was revised to show the trade gap narrowing to $60.6 billion instead of $64.2 billion as previously reported.
Trade made no contribution to the economy’s 1.3% annualized growth rate in the first quarter after adding to gross domestic product for three straight quarters.
(Reporting By Lucia Mutikani; Editing by Toby Chopra)
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