April Export Drop Pushes U.S. Trade Deficit Up 25% : Commerce: A jump in oil imports and recessions in several of America’s overseas markets are cited as reasons for the $6.97-billion gap.

With imports at their second-highest level on record, the U.S. trade deficit grew by 25% in April, the Commerce Department said Thursday.

The unexpected climb came as exports also fell sharply, opening up a $6.97-billion deficit, the largest since a $9.49-billion gap in November, 1990.

Economists had forecast a $5.2-billion shortfall. Some said they foresee a substantially higher level the next several months, suggesting that the recovery will continue to be slow.

April’s big surge was attributed largely to steeper oil prices, a big rise in oil imports and a drop in exports of commercial aircraft.

Exports sank by 1.9% to $36.39 billion. Imports rose by 1.6% to $43.36 billion, the highest level since a record $43.88 billion in products were imported in October, 1990.

Trade figures for oil and airliners can be extremely volatile, according to Commerce Secretary Barbara Franklin. “April’s performance cannot be viewed as indicative of a longer-term trend,” she said. “Our export picture is still very positive.”

Private analysts said depressed exports--down for a second straight month--reflect the fact that many of America’s major overseas markets either are in recession or close to it.

“We are beginning to see the impact of slow economic growth among our major trading partners,” the Associated Press quoted Steven Wood, an economist at Bank of America in San Francisco, as saying. “It is going to be very difficult to get much growth in export activity for the rest of the year.”

The trade deficit is running at an annual rate of $64.9 billion, a slight improvement from a 1991 deficit of $65.4 billion. But the latest figures could signal a sharp downward trend.

In April, the imbalance with Japan was $4.21 billion, accounting for three-fifths of the total.

The United States also ran higher deficits with Canada and Germany and a smaller surplus with Western Europe, all areas experiencing economic weakness.

Foreign oil imports jumped to 6.11 million barrels a day from 5.5 million in March. The price per barrel also rose--to $15.49 from $14.46.

The drop in U.S. exports was led by a $727-million decline in sales of commercial aircraft. Michael Niemira, an economist at Mitsubishi Bank in New York, said Boeing Co., America’s biggest exporter, delivered 27 commercial jetliners in April, down from an unusually high number of 37 in March.

Sales of communications equipment were down $105 million, but demand for U.S. farm products rose $169 million to $3.48 billion.

On another economic front, the Labor Department reported that the number of Americans filing new claims for unemployment benefits fell slightly in the first week of June--to 407,000 from 409,000 the previous week. The decline during the week ended June 6 fits in with analysts’ views that the economy is making a slow recovery.

In still another report, a trade group reported that the percentage of consumers behind on their loan payments jumped during the first quarter to the highest level in 2 1/2 years. A seasonally adjusted 2.75% of consumer loans were 30 days past due at the end of March, up from 2.58% three months earlier and 2.67% a year earlier, the American Bankers Assn. said.

“Despite a concerted effort to pay down debts, American households continue to be influenced by the ebb and flow of painfully slow economic growth,” association economist James Chessen said.

Merchandise Trade Deficit

Billions of dollars, seasonally adjusted; import figures exclude shipping and insurance. April, ‘92: 6.97 March, ‘92: 5.58 April, ‘91: 4.28 Source: Commerce Department