The trade deficit in the U.S. narrowed in April as a drop in imports overshadowed the first decline in exports in five months. The gap shrank 4.9 percent to $50.1 billion from $52.6 billion in March that was higher than previously estimated, Commerce Department figures showed today in Washington. The median forecast in a Bloomberg News survey of 73 economists called for the deficit to shrink to $49.5 billion. Both exports and imports fell from the prior month’s record highs. Stagnation in Europe and cooling growth in China may restrain exports of American-made goods, which have been contributing to growth in the ... (full story)