Trade deficit breaks $35.9 billion

Manufacturing News, Source : TheManufacturer.com
Published : 21 Jun 2002 8:30

The US trade deficit reached a record high of $35.9 billion in April, according to the Commerce Department, far surpassing the experts forecast of $33 billion for that month. The deficit is 10.7% higher than March’s $32.5 billion tally.

Imports of goods and services increased 4.7% in April to $116 billion as cheaper-priced imports and the US economic recovery help consumer demand to grow. Imported cars, parts, and engines climbed to a record $16.8 billion, marking a 5% increase from March’s level.

Exports increased 2.2% to $80.1 billion. Analysts expect the weakening dollar and improved foreign trade relationships to help boost US exports. According to analysts, US manufacturers welcome the change, believing that they have been injured by the strong dollar because it makes their products more expensive for foreigners to buy.

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