US trade deficit narrows a tad less than expected in May despite jump in exports
By Alexander Bueso
Date: Thursday 07 Jul 2022
(Sharecast News) - America's shortfall on trade with the rest of the world narrowed a tad less than expected last month despite a jump in exports.
According to the US Department of Commerce, the total trade deficit in goods and services shrank at a month-on-month pace of 1.3% in May to reach $85.5bn (consensus: -$84.9bn).
Exports were 1.2% higher versus April at $255.9bn while imports rose by 0.6% to $341.4bn.
May's decline in the total trade deficit was the result of a narrowing in the goods deficit of $2.9bn to reach $105.0bn and a decline in the services surplus of $1.7bn to $19.4bn.
Year-to-date however the total trade deficit had jumped by 38.4% from its levels of 2021 to reach $126.5bn.
Pacing growth in exports of goods were a $1.1bn rise in those of crude oil and of $1.0bn in those of non-monetary gold.
Exports of pharmaceutical preparations were also up by $1.0bn.
But those of soybeans fell by $1.9bn.
Goods imports meanwhile were led by those of pharmaceutical preparations ($1.0bn), crude oil ($0.9bn) and other petroleum products ($0.8bn).
Imports of travel services jumped by $1.0bn.
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