U.S. exports and imports both posted their largest monthly decreases on record amid coronavirus-related shutdowns around the world.

  • The Commerce Department said imports fell 13.7% in April from March, and exports dropped 20.5%, the largest declines since record-keeping began in 1992.
  • The trade deficit expanded 16.7% to a seasonally adjusted $49.41 billion.
  • “Beyond the fact that we’re seeing a significant widening of the trade deficit, what really strikes me is the pace at which trade flows are declining.”