WASHINGTON, June 7 (Reuters) – The U.S. commerce deficit widened sharply in April as imports of products rebounded whereas exports declined, a development that if sustained, may end in commerce being a drag on financial development within the second quarter.
The commerce deficit elevated 23.0% to $74.6 billion, the Commerce Division mentioned on Wednesday. Information for March was revised to indicate the commerce hole narrowing to $60.6 billion as a substitute of $64.2 billion as beforehand reported.
Commerce made no contribution to the financial system’s 1.3% annualized development price within the first quarter after including to gross home product for 3 straight quarters.
Reporting By Lucia Mutikani; Modifying by Toby Chopra
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