The monthly trade deficit widened to a two-year high of $47.2bn in April, from an upwardly revised $44.2bn in March. The 0.2% m/m decline in April's exports, coupled with the 1.2% m/m rise in imports, is not a great start to the second quarter. We still anticipate that second-quarter GDP growth will be as high as 3.5%, however, with the drag from rising imports partly offset by a positive contribution from rising inventories and domestic sales.
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