The Port of Long Beach-Port of Los Angeles complex in Los Angeles, California, U.S., is where shipping containers are unloaded from ships amidst the coronavirus disease (COVID-19) pandemic, as seen in a REUTERS/Lucy Nicholson/File photo. On Wednesday, the Commerce Department announced that in April, the U.S. trade deficit increased by the largest amount in eight years due to an increase in goods imports and a decline in exports of energy products. This trend, if maintained, may negatively affect economic growth in the second quarter. The deficit rose 23% to $74.6 billion, the highest level in six months. Goods imports rose by 2% to $263.2 billion, while exports of goods fell 5.3% to $167.1 billion. Experts warn that if this continues, it could be a hindrance to economic growth.
The US trade deficit reaches a six-month high due to decreasing exports and increasing imports.
