Reported 12 months ago
The US Department of Commerce revealed on July 3, 2024, that the US trade deficit continued to widen to a new 19-month high in May, with both imports and exports of goods and services declining. The trade deficit in May grew by 0.8% to $75.1 billion, surpassing the market estimate of $76.2 billion but higher than the revised $74.5 billion in April. The deficit with Mexico surged from $13.7 billion in April to $14.8 billion, with China from $20.1 billion to $24 billion, while Europe decreased from $25.9 billion to $22.7 billion. May imports in the US dropped by 0.3% to $336.7 billion, offsetting growth in other import categories like cell phones. Exports also fell by 0.7% to $261.7 billion, mainly due to declines in industrial supplies and materials, fuel oil, and other petroleum products. The US trade deficit for goods only expanded to $1006.2 billion in May, higher than expected, with imports driven by food, feed, beverages, and capital goods, while exports were boosted by consumer goods and capital goods. The trade deficit for January to May 2024 increased by 4.2% compared to the same period last year, with exports and imports rising by 3.4% and 3.6% respectively.
Source: YAHOO