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.

Imports dropped in April as factory activity in China fell to the lowest level since February 2020 amid strict lockdowns to curb the spread of Covid-19. While manufacturing in the country has improved somewhat since, the measures are still straining already-tenuous global supply chains, especially when coupled with Russia’s war in Ukraine.

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