US trade deficit narrows to $55.9 billion (opens in new tab)

The U.S. goods and services trade deficit narrowed 1.2% in April to $55.9 billion from a revised $56.6 billion in March, Commerce Department data showed on Tuesday. Exports rose 2.6% to a record $327.1 billion, slightly outpacing a 2.0% increase in imports to $383.0 billion. The export increase reflected higher shipments of crude oil, fuel oil and other petroleum products after the war with Iran and the effective closure of the Strait of Hormuz tightened Middle East supply and lifted energy d...