The U.S. advance goods trade deficit narrowed sharply to $87.6 billion in April, down -46.0% MoM from $162.3 billion in March, driven by a steep drop in imports.

• Goods exports increased 3.4% MoM and 9.6% YoY, while goods imports normalized, dropping -19.8% MoM (but were still up 2.6% YoY).
• Wholesale inventories were unchanged MoM at $906.9 billion, up 2.1% YoY.
• Retail inventories fell -0.1% MoM to $803.5 billion, but were up 3.5% YoY.