A sharp drop in oil prices pushed the US trade deficit slightly lower in April, but it was still the third highest on record at $42 billion, the US Commerce Department said today.
Overall US imports declined slightly more than 2 per cent in April, with oil and other industrial supplies and material accounting the biggest portion of the drop.
However, smaller declines for autos and auto parts and consumer goods could be a sign the weaker dollar is dampening import demand.
Exports also dropped more than 2 per cent, with capital goods such as computer accessories and industrial engines leading the decline.
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US manufacturers have struggled to increase exports in the face of weak overseas demand and stiff competition from China.