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- U.S. trade deficit widens more than forecast in May
U.S. trade deficit widens more than forecast in May
The U.S.
Commerce Department reported on Thursday that U.S. the goods and services trade
deficit widened to $54.6 billion in May from a revised $49.8 billion in the
previous month (originally a gap of $49.4 billion). That was the biggest trade
gap since December 2018.
Economists had
expected a deficit of $53.0 billion.
According to
the report, the May advance in the goods and services deficit reflected an
increase in the goods deficit of $4.2 billion to $76.1 billion and a decline in
the services surplus of $0.6 billion to $21.5 billion.
In May, exports
of goods and services from the U.S. fell 4.4 percent m-o-m to $144.5 billion (the
lowest level since November 2009), while imports decreased 09 percent m-o-m to
$199.1 billion (the lowest level since July 2010), in part, due to the impact
of COVID-19, as many businesses were operating at limited capacity or ceased
operations completely, and the movement of travelers across borders was
restricted.
Year-to-date,
the goods and services deficit declined 9.1 percent from the same period in
2019. Exports plunged 14.0 percent, while imports tumbled 13.1 percent.
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