U.S. Trade Gap Shrinks 5%

America's trade deficit narrowed to $50.1 billion in April from $52.6 billion in March, as imports dropped more sharply than exports, the Dept. of Commerce reports.

Exports and imports both set record highs in March. In April, U.S. exports slid 0.8% to $182.9 billion in April amid declining shipments to Brazil (9%), China (14%) and the Europe Union (11%). Exports of motor vehicles and parts grew 3.6% to $12.3 billion.

America's imports contracted 1.7% to $233 billion. Imports of vehicles and parts shrank 1.5% to $24.2 billion.

The U.S. trade deficit with China grew 13% to 24.6 billion in April. The January-April deficit is running 12% ahead of the same period last year. For full-year 2011, America's trade gap with China widened to an all-time high of $295.4 billion.