April trade deficit narrowed modestly to....>

US DATA: April trade deficit narrowed modestly to -$46.2b from -$47.2b 

in March, a smaller gap than -$48.8b exp, as the census goods gap 

(-$67.3) was narrower than the adv est (-$68.2b). Annual revisions are 

included in the data. 

- The April trade data generally point to smaller gaps than the first 

quarter averages, a positive for second quarter GDP.

- Exports rose to a record $211.2b level on gains in industrial supplies 

(+$1.3b), foods and feeds (+$0.7b), and consumer goods (+$0.1b). These 

were offset by declines in capital goods (-$1.4b, aircraft -$2.8b) and 

autos (-$0.2b).

- Imports declined, with decreases in consumer goods (-$2.8b, cell 

phones -$2.2b) and autos (-$0.9b) more than offsetting gains in 

industrial supplies (+$1.2b, oil +$1.0b) and capital goods (+$0.4b).

- Ex-petro, the goods gap narrowed to -$62.5b from -$63.8b, while the 

petro gap widened to -$4.9b from -$4.8b in March.