The April advance goods trade gap grew to...>

US DATA: The April advance goods trade gap grew to -$69.7 billion in April after

reaching a revised March reading of -$65.0 billion (previously -$64.4 billion).

The deepening of the advance goods trade deficit outpaced market expectations of

a -$65.0 billion gap. The growing deficit was driven by a -25.2% m/m drop in

exports, bolstered by manufacturing downtime, alongside a -14.3% m/m decline in

imports given continued, multi-week lags in international shipping. Advance

wholesale inventories increased by +0.4%, heading away from the -0.7% markets

expected. Advance retail inventories, however, dropped by -3.6%, outmatching the

expected -0.8%.