U.S. Trade Deficit Spiked in May
The U.S. international trade deficit in goods and services spiked in May, rising to $45 billion from $40.1 billion in April, the Census Bureau and the Bureau of Economic Analysis said in a July 3 press release. Imports in May…
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increased $4.4 billion, while exports decreased $0.5 billion. The imports gain is fueled by increases in the industrial supplies, consumer goods and automotive materials categories. The drop in exports largely reflects decreases in the consumer goods and industrial supplies categories. Goods exports went roughly unchanged from May 2012 to 2013.