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US trade deficit widens in May

by ChemOrbis Editorial Team - content@chemorbis.com
  • 08/07/2015 (11:45)
According to data from the US Commerce Department, the country’s trade deficit widened in May due to lower exports. The trade gap increased $1.2 billion to reach $41.9 billion in May, although it was still lower than economists’ initial estimates, which called for a $42.6 billion trade deficit in a survey by the Wall Street Journal.

The data showed that exports decreased 0.8%, or $1.5 billion, to $188.6 billion in May because of weaker demand from overseas markets as a stronger dollar has made US products less competitive in global markets. The country’s exports to Germany dropped 6% on a non-seasonally adjusted basis in May from a month earlier while exports to France, Mexico and Japan also decreased by 4.3%, 2.1% and 3%, respectively, in May.

Imports, meanwhile, slightly declined to $230.5 billion in May from $230.8 billion in the previous month. The country’s net oil imports hit the lowest level since 2002, declining to $5.8 billion in May.
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