The US trade deficit – the difference between imports and exports – shrunk in April.

The US trade deficit now stands at $603bn for the year.

Overall, the trade deficit fell 4.9% to $50.1bn (£32.5bn), as exports saw their first decline since November with the deepening crisis in the eurozone hitting demand for goods, whilst imports also shrank because of weak domestic demand.

The Eurozone region accounts for almost a fifth of all US exports, however, exports to Europe were down 11.1% in April with a fall in exports of everything from commercial planes to industrial machinery.

A widening trade gap slows growth as it means the US is spending more on products made abroad than it is making on sales of domestically manufactured goods.

The trade data follows other weak US data, including flat service sector growth last month and the creation of fewer than expected jobs.