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US trade deficit narrows in April US trade deficit narrows in April
(10 minutes later)
The US trade deficit fell unexpectedly in April, helped by the weak dollar.The US trade deficit fell unexpectedly in April, helped by the weak dollar.
With the low value of the greenback making US exports more competitive and appearing to depress import demand, the deficit fell 6.2% to $58.5bn (£30bn).With the low value of the greenback making US exports more competitive and appearing to depress import demand, the deficit fell 6.2% to $58.5bn (£30bn).
This compares with a revised $62.4bn in March, and average market expectations of an increase to $63.5bn in April.This compares with a revised $62.4bn in March, and average market expectations of an increase to $63.5bn in April.
US exports rose by 0.2% to a record $129.5bn, said the Commerce Department, led by aircraft sales, while imports fell by 1.9% to $188bn.US exports rose by 0.2% to a record $129.5bn, said the Commerce Department, led by aircraft sales, while imports fell by 1.9% to $188bn.
Chinese concern
Despite the narrowing of the overall deficit, America's trade gap with China jumped 12.3% to $19.4bn, its highest level since January.Despite the narrowing of the overall deficit, America's trade gap with China jumped 12.3% to $19.4bn, its highest level since January.
Analysts say this will undoubtedly cause displeasure on Capitol Hill, since many US congressmen argue that China is using unfair practices to boost its exports.Analysts say this will undoubtedly cause displeasure on Capitol Hill, since many US congressmen argue that China is using unfair practices to boost its exports.
Many in the US maintain that since the Chinese government does not allow the yuan to trade freely, the country's exports are artificially cheap.Many in the US maintain that since the Chinese government does not allow the yuan to trade freely, the country's exports are artificially cheap.
Analyst Lan Lancz of Lancz & Associates said that while the narrowing of the overall deficit was "a positive sign", the key issue remained the possibility of higher US interest rates and energy prices.