U.S. trade deficit soars 23% to $74.6B in April

The U.S.' trade deficit soared $14 billion, or 23%, to $74.6 billion in April, according to data released Wednesday by the Commerce Department's Census Bureau.

Expectations were for the figure to come in at $75.2 billion, while the March figure was revised downward from $64.2 billion to $60.6 billion, according to the figures.

Exports in April totaled $249 billion, $9.2 billion less than March exports, while imports in April were $323.6 billion-$4.8 billion more than imports in March.

"The April increase in the goods and services deficit reflected an increase in the goods deficit of $14.5 billion to $96.1 billion and an increase in the services surplus of $0.6 billion to $21.6 billion," the Census Bureau said in a statement.

"Year-to-date, the goods and services deficit decreased $86.5 billion, or 23.9 percent, from the same period in 2022. Exports increased by $55.9 billion or 5.8 percent. Imports decreased $30.6 billion or 2.3 percent," the statement added.