USA trade deficit narrows as exports hit two-year high
USA trade deficit narrows as exports hit two-year high
Canada's trade deficit expanded in May despite exports that have risen almost 18 per cent in the past year
08 July, 2017, 00:57
The trade deficit, the gap between USA imports and exports of goods and services, fell to $46.5 billion, falling $1.1 billion from the previous month, data released Thursday morning by the Commerce Department showed. They declined 0.1% to $238.5 billion. Led by autos, exports hit the highest level in more than two years.
The Commerce Department also said the goods deficit narrowed to USD67.5 billion in May from USD68.4 billion in April, while the services surplus widened to USD21.0 billion from USD20.8 billion.
The U.S. trade deficit with China is also running ahead of last year's pace while the gap with Germany is roughly the same.
For example, imports sometimes rise when the US economy is doing well and Americans can better afford products from overseas.
The Atlanta Federal Reserve is forecasting GDP rising at a 3.0 percent rate in the second quarter. Looking at the imports side of the report, total imports fell 0.1 percent sequentially, driven mainly by a drop in goods imports, while services imports rose 1 percent sequentially.
Trade deficits with Europe and China have also widened, as a stronger USA economy increased demand for imports.
The trade deficit fell 2.3% in May, largely because of fewer imports of cellphones and other consumer goods, but the longer-run outlook for the US was still grim. However, imports of capital goods increased by $1.3 billion.
The U.S. still has sizable deficits with Latin American countries, but the disparity between how much Americans import from Europe and China and how much it exports is shrinking. The trade gap was estimated to be falling to $46.2 billion.
Imports of goods from China increased 11.6 per cent. The politically sensitive U.S. The gap with Mexico rose by 5.6 percent to $6.8 billion.
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