US trade deficit narrows

Trade deficit in the US narrowed in April as a drop in imports overshadowed the first decline in exports in five months. The gap shrank 4.9 per cent to $50.1 billion from $52.6 billion in March that was higher than estimated, government figures showed on Friday. The median forecast in a Bloomberg News survey of economists called for the deficit to shrink to $49.5 billion. Exports, imports fell from the prior month’s record highs.