Record petroleum exports help to shrink US trade deficit in April
Key takeaways
- Record petroleum exports help to shrink US trade deficit in April FILE PHOTO: The JPMorgan Chase & Co. logo in one of the headquarters’ entrances in New York City, U.S., April 1, 2026.
- The report from the Commerce Department on Tuesday suggested no major impact on trade flows from the U.S.-backed war with Iran, which has disrupted shipping in the Strait of Hormuz.
- "Soaring oil exports are helping to narrow the U.S. trade gap, with tariffs playing a more minor role in slowing imports," said Sal Guatieri, a senior economist at BMO Capital Markets.
Record petroleum exports help to shrink US trade deficit in April FILE PHOTO: The JPMorgan Chase & Co. logo in one of the headquarters’ entrances in New York City, U.S., April 1, 2026. REUTERS/Eduardo Munoz/File Photo · Reuters By Lucia Mutikani Wed, June 10, 2026 at 12:09 AM GMT+7 5 min read By Lucia Mutikani
WASHINGTON, June 9 (Reuters) - The U.S. trade deficit narrowed in April as exports of petroleum products and capital goods jumped to record highs, a trend that if sustained, will put trade on course to contribute to economic growth in the second quarter.
The report from the Commerce Department on Tuesday suggested no major impact on trade flows from the U.S.-backed war with Iran, which has disrupted shipping in the Strait of Hormuz. Tariffs also appeared to be doing little to curb imports. Businesses ramping up spending on artificial intelligence helped to lift capital goods imports to a record high in April.