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The U.S. trade deficit in goods unexpectedly surged higher in April as imports of autos and capital goods grew rapidly.
The deficit widened by 7.7 percent to $99.4 billion in April, the Commerce Department’s advanced estimate of trade and inventories showed Thursday. That’s the largest deficit since June 2022.Economists had expected a more modest widening of the deficit to $92.5 billion.Imports of autos grew by 10.4 percent compared with the previous month to $41.6 billion, while exports of cars and trucks grew just 3.6 percent to $14.7 billion.Exports of U.S. agricultural products shrank 6.
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