US foreign trade deficit shrinks a tad more quickly than expected in May

3rd Jul 2024 14:42

(Sharecast News) - America's shortfall on trade with the rest of the world increased slightly in May, as both domestic and foreign demand softened.

According to the Department of Commerce, in seasonally adjusted terms the US foreign trade deficit increased at a month-on-month pace of 0.8% to reach $75.1bn.

Economists had penciled-in a deficit of -$76.2bn.

Exports weakened by 0.7% versus April to reach $261.7bn whilst imports shrank by 0.3% to $336.7bn.

A $0.9bn widening in the deficit on trade in goods to $100.2bn accounted for all of the increase in the total deficit.

Goods exports weakened by 1.7% on the month to reach $169.6bn.