Exports of US goods and services rose to a record $175.6billion in April, helping to shrink its trade deficit. According to commerce department the space between imports and exports fell by 6.7% to $43.7billion as manufacturers shipped more items such as computers. A fall in imports also helped narrow the space, although that reflected supply troubles caused by Japan’s earthquake.
The trade space so far this year is still 10% higher than last year. Exports rose 1.3%, while imports dipped 0.4% to $219.2bn. Imports from Japan fell by 25.5%, although these are expected to recover over the months as Japanese factories and infrastructure is rebuilt. Analyst predict the trade space to expand slightly over the year.
The trade figures are a comparatively clear spot along with other recent US economic data. According to Federal Reserve’s survey conducted on Wednesday the growth had appeared to slow in several regions in May, with the developed sector especially slow after the disturbance caused by Japan’s earthquake had episodic production of a number of components.
Last week, figures showed US employment increase slowed sharply in May, with only 54,000 net new jobs added during the month. Markets had expected a rise of 150,000.The chairman of the US Federal Reserve, Ben Bernanke, said this week that growth had been slower than predictable this year, but that it would pick up in the coming months.