Trade Deficit Narrowed to 19-Month Low in May

Washington, DC, July 6, 2018-May exports were $215.3 billion, $4.1 billion more than April exports, the U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced.

May imports were $258.4 billion, $1.1 billion more than April imports.

The May decrease in the goods and services deficit reflected a decrease in the goods deficit of $2.6 billion to $65.8 billion and an increase in the services surplus of $0.5 billion to $22.7 billion.

Year-to-date, the goods and services deficit increased $17.9 billion, or 7.9%, from the same period in 2017. Exports increased $84.5 billion or 8.8 percent. Imports increased $102.4 billion or 8.6%.

“The U.S. trade deficit dropped in May to the lowest level in 19 months as U.S. exports rose to a record level,” says ABC News. “But the trade gap between the United States and China increased sharply, underscoring the economic tensions between the world’s two biggest economies.”