The U.S. trade deficit shrunk in April by the most on record, in dollar terms. This reflects both a drop in the value of imports amid Covid lockdowns in China and growth in U.S. exports.

The gap in goods and services trade narrowed $20.6 billion, or 19.1 percent, to $87.1 billion, Commerce Department data showed Tuesday. The median estimate in a Bloomberg survey of economists called for an $89.5 billion deficit. The figures aren't adjusted for inflation.

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