Washington, DC, United States (4E) – The U.S. trade deficit climbed to its highest level in nearly two years in April as goods imports rose to a record high.
May’s trade deficit in goods and services stood at $47.2bn, the highest level since July 2012, according to the Commerce Department. The figure was up $3bn, or 6.9 percent, from March.
Economists had projected a trade gap of $40.1bn, according to the median forecast by economists surveyed by Action Economics.
Total exports in April were $193.3bn, lower by $300mn from March, the Commerce Department said. Imports gained by $2.7bn to $240.6bn.
Imports of goods, such as food, autos and other products, climbed to almost $198.7bn. Meanwhile, imports of industrial supplies and materials declined.
The country’s $14bn trade gap with the European Union in April and the $7bn trade deficit with Germany were both record highs. Imports from South Korea in April also climbed to a record level.