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Rising crude oil exports continued making a dent in the U.S. trade deficit, new government data released on June 9 show.
The international goods and services trade deficit narrowed 1.2 percent, or about $600 million, to $55.9 billion in April, according to the Bureau of Economic Analysis. This came in slightly below economists’ expectations of $56.1 billion.
Exports climbed almost 3 percent, or $8.3 billion, to a record $327.1 billion.
Energy shipments accounted for a large share of export growth. Crude oil rose by $6.4 billion, followed by fuel oil ($1.3 billion) and other petroleum products ($1 billion).
The United States has witnessed surging demand for American energy during the Iranian conflict—now in its 14th week—as the Strait of Hormuz has impacted global energy markets….
The international goods and services trade deficit narrowed 1.2 percent, or about $600 million, to $55.9 billion in April, according to the Bureau of Economic Analysis. This came in slightly below economists’ expectations of $56.1 billion.
Exports climbed almost 3 percent, or $8.3 billion, to a record $327.1 billion.
Energy shipments accounted for a large share of export growth. Crude oil rose by $6.4 billion, followed by fuel oil ($1.3 billion) and other petroleum products ($1 billion).
The United States has witnessed surging demand for American energy during the Iranian conflict—now in its 14th week—as the Strait of Hormuz has impacted global energy markets….
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