USA trade gap narrows in May on record exports

USA trade gap narrows in May on record exports

USA trade gap narrows in May on record exports

In May, exports of goods and services rose 0.4% to $192.0 billion, the highest level since April 2015, lifted by a surge in exports of consumer goods such as cell phones and other household goods.

The goods deficit with Mexico was $6.8 billion, while the goods deficit with China, which the White House has targeted with accusations of unfair trade, fell 6.2 percent to $30.1 billion. Exports to China increased 3.6%.

Aircraft imports rose $527 million to $636 million in May.

"Exports have shown greater strength this year, in part reflecting a pickup in global growth", Federal Reserve Chairwoman Janet Yellen said last month.

Despite the dip in May, the overall USA trade deficit is up 13.1 percent so far this year to $233.1 billion.

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Economists had expected a deficit for May of $530 million.

The trade gap fell 2.3 percent compared to April to $46.5 billion.

President Donald Trump campaigned for the White House on skepticism about current US trade agreements.

Services trade also boomed in the month, with exports and imports at their highest levels on record at $64.8 billion and $43.8 billion, respectively. To shrink or even eliminate the gap, the US would either have to produce more or consume less. Some forecasters have predicted trade will be a modest drag on growth in the just-completed second quarter.

On the other hand, the report said the value of imports edged down by 0.1 percent to $238.5 billion in May from $238.8 billion in April.

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