Trade Deficit Widens to $45 Billion for May
Jul 3rd 2013 6:53PM
Updated Jul 3rd 2013 6:54PM
The U.S. international trade deficit widened again in May, according to a Commerce Department report (link opens as PDF) released today.
After worsening to a revised $40.1 billion for April, analysts had expected a slight slump to $40.8 billion. Their predictions proved overly optimistic, as the deficit (exports minus imports) widened to $45.0 billion for May.
In a trade deficit double-whammy, exports fell $0.5 billion from April's $187.6 billion, while imports increased $4.4 billion to $232.1 billion.
Trade deficits prove quite different across sectors. While the services sector added another $0.2 billion for a $18.4 billion surplus, the goods deficit worsened $5.0 billion to $63.4 billion. The biggest goods losses came from major import increases in industrial supplies ($1.0 billion), consumer goods ($1.0 billion), and automotive vehicles and parts ($0.8 billion).
Compared to May 2012, overall exports are up 1.5%, more than enough to offset a 0.7% import increase .
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