Exports Climb To All-Time Highs: Trade Gap Narrows

Washington, DC, July 11, 2008--The United States' trade deficit narrowed in May as exports climbed to all-time highs, according to the Commerce Department.

The report showed that the nation's trade gap, thanks largely to the declining dollar, decreased to $59.8 billion. That was down 1.2 percent from April's trade deficit and was the best showing since March.

The improvement came even as imports -- including crude oil -- hit new record highs.

Exports of U.S.-made goods and services totaled an all-time high of $157.6 billion in May, a 0.9 percent increase from April.

Imports of goods and services grew to a record of $217.3 billion in May, a 0.3 percent increase from the prior month.

The trade picture turned out better than many economists were anticipating. They were forecasting the trade gap to widen to $62.2 billion in May.