U.S. exports of goods and services increased 2.6% in April to $327.1 billion, according to data released on Tuesday by the Commerce Department. 

Imports also rose to $383 billion in April, a 2% increase. The combined increases resulted in the trade deficit shrinking to $55.9 billion, a dip of 1.2% over the previous month. 

Exports of oil and petroleum products were boosted as a result of the blockades in the Strait of Hormuz, and imports of electronics to satisfy demand from data centers accounted for much of the increases in imports. 

The Strait of Hormuz is a vital waterway through which 20% of the globe's crude oil flows, as well as a significant share of global trade in liquefied natural gas and petrochemicals. As supplies of these goods from the Middle East remain restricted, buyers have turned to the U.S.