The U.S. trade deficit grew slightly in April as oil prices hit the highest level since December, but the trade imbalance so far this year is well below last year's pace as the recession limits demand for imports. The Commerce Department said Wednesday that the trade deficit rose for a second consecutive month in April, climbing 2.2 percent to $29.2 billion. The trade deficit is running at an annual rate of $361.1 billion, about half of the $695.9 billion total for 2008. The decline in imports has been greater than the drop in exports, which also are down significantly as the global recession lowers demand for U.S. products in key markets. Exports in April fell $2 billion, or 2.3 percent, to $121.1 billion, the smallest monthly total since mid-2006. The export decline including big drops in sales of industrial engines, machinery, and vehicle parts. Sales of commercial aircraft rose. Imports fell $2.2 billion, or 1.4 percent, to $150.3 billion, the lowest total since mid-2004. Shipments of foreign-made cars, oil-drilling equipment, computers, and machine tools fell. Despite the decline in total imports, petroleum imports rose 2.1 percent to $18 billion. The average price for a barrel of imported crude jumped to $46.60 in April from $41.36 in March. It was the highest level since December and is expected to rise in coming months.
