Trade Deficit Shrinks: The U.S. trade deficit...

Trade Deficit Shrinks: The U.S. trade deficit shrank to $26.4 billion in the first quarter, the smallest quarterly imbalance in more than six years, the Commerce Department reported. The department said the 8.2% improvement in the trade balance in the January-March period was a result of record-high export sales that offset the highest volume of oil imports in more than 12 years. For the first quarter, U.S. exports rose 4.7% to an all-time high of $96.04 billion. Imports were also at a record level, reflecting the surge in oil demand. They climbed 1.6%, to $122.4 billion.