US Trade Deficit Widens in May
The US trade gap increased to USD 41.9 billion in May from a downwardly revised USD 40.7 billion in April, as exports declined more than imports.
Exports fell 0.77 percent to USD 188.6 billion in May, following a 1 percent growth in April. Sales of capital goods decreased USD 2.4 billion and those of civilian aircraft dropped USD 1.2 billion. In contrast, shipments of industrial supplies and materials rose USD 0.8 billion and exports of fuel oil increased USD 0.5 billion. In contrast, exports of services grew by USD 0.1 billion, boosted by sales of research and development services; professional and management services; and technical, trade-related, and other services.
Imports edged down 0.1 percent to USD 230.5 billion, after falling by 3.3 percent in April. Purchases of capital goods decreased USD 0.8 billion and those of industrial supplies and materials fell USD 0.6 billion. In contrast, imports of services rose USD 0.1 billion boosted by transport, which includes freight and port services and passenger fares.
Year-to-date, the goods and services deficit increased by USD 1.1 billion, or 0.5 percent, from the same period in 2014. Exports decreased USD 26.5 billion or 2.7 percent. Imports decreased USD 25.4 billion or 2.2 percent.
7/7/2015 2:37:23 PM