The United States' trade deficit narrowed to a record level in April, with imports plunging by 16.3%.

In April, the trade deficit of the United States significantly narrowed to a record extent, primarily due to the historic decline in imports, indicating that the phenomenon of businesses making large-scale purchases of goods ahead of tariff hikes has abruptly stopped. Data released by the U.S. Department of Commerce on Thursday showed that the trade deficit in goods and services in April narrowed by 55.5% compared to the previous month, totaling $61.6 billion, the lowest level since 2023, completely reversing the significant expansion seen in the first quarter. Imports of goods and services in April fell by a record 16.3%, while exports grew by 3%.