US trade deficit widens in May
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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