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U.S. trade gap widens to $57 billion in April

Friday, June 10, 2005 | 9:37 a.m.

The U.S. trade deficit widened to $57 billion in April as Americans paid record prices for oil and bought more goods from China, a government report showed.

The trade gap in goods and services followed a $53.6 billion deficit in March that was narrower than the government first reported, the Commerce Department today said in Washington. Imports rose 4.1 percent, the biggest increase since November 2002, to a record $163.4 billion. Exports also were a record.

April's deficit was $1 billion less than the median forecast, and the dollar gained against the euro and yen. While trade deficits subtract from calculations of economic growth, economists said rising imports also are a sign of healthy demand. The U.S. economy is on a "relatively firm footing," Federal Reserve Chairman Alan Greenspan said Thursday.

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