May U.S. Trade Deficit Rises Sharply
The U.S. Census Bureau and the Bureau of Economic Analysis reported this morning that the U.S. trade deficit for May totaled $45 billion, up from a revised $40.1 billion in April. That is a jump of 11%.
U.S. exports fell from $187.6 billion in April to $187.1 billion in May, a difference of $500 million. U.S. imports also rose, from $227.7 billion to $232.1 billion, a rise of $4.4 billion.
The jump in the trade deficit was considerably higher than the consensus estimate of $40.8 billion.
For the three months ending in May, the rolling average U.S. trade deficit was $40.8 billion, comprised of $186.6 billion in exports and $227.4 billion in imports. The rolling average was $400 million higher than in April.
The U.S. trade deficit with China rose $3.8 billion to $27.9 billion in May, while the deficit with OPEC countries fell by $300 million to $6.3 billion. The trade deficit with Europe fell by $1.6 billion to $10.8 billion. The U.S. ran trade surpluses with Hong Kong ($3 billion), Australia ($1.4 billion), Singapore ($1.2 billion) and Brazil ($900 million).
Filed under: Economy