South Korea's fiscal deficit reached over 46 trillion won (US$33.6 billion) during the first four months of 2025, marking the third-largest shortfall ever recorded for the January-April period, the finance ministry said Thursday.

The U.S. international trade deficit narrowed 55.5% in April to $61.6 billion, the Commerce Department said Thursday.  Economists surveyed by The Wall Street Journal had predicted the deficit would narrow to a seasonally adjusted $63.

The U.S. trade deficit narrowed sharply in April, with imports decreasing by the most on record as the front-running of goods ahead of tariffs ebbed, which could provide a lift to economic growth this quarter.

The United States' deficit for the current fiscal year surpassed $1.3 trillion in May with payments on Social Security, Medicare and net interest serving as the most prominent outlays.

The U.S. trade deficit with countries across the globe fell sharply in April following tariff announcements that stalled imports.

The U.S. government drifted further into red ink during May, with a burgeoning debt and deficit issue getting worse.