News Column

Trade Deficit Rose Sharply in May

July 3, 2013
trade

The U.S. trade deficit grew in May for the second consecutive month, the Bureau of Economic Analysis said Wednesday.

The bureau said the trade gap rose from downwardly $40.1 billion in April to $45 billion in May on exports of $187.1 billion and imports of $232.1 billion.

From month to month, exports were down by $500 million and imports were up by $4.4 billion, said the bureau, which is part of the Commerce Department.

The largest trade gaps were familiar. The trade deficit with China rose from $24.1 billion in April to $27.9 billion in May. With the European Union, the gap shrank month to month from $12.4 billion to $10.8 billion. Trading with the Organization of Petroleum Exporting Countries slipped from $6.6 billion to $6.3 billion.

Deficits were also posted with Japan at $5.4 billion, Mexico at $5.3 billion, South Korea at $2.5 billion, India at $2.3 billion, Canada at $1.9 billion and Venezuela at $1.5 billion.

Major trading partners with which the United States runs a trade surplus is a shorter list with smaller numbers. Surpluses were posted with Hong Kong, Australia, Singapore and Brazil. The total surplus with these trading partners came to $6.5 billion, which was more than offset by the deficit with OPEC by itself.

Economists had expected the trade gap to remain steady at about $40 billion.



Source: Copyright UPI 2013


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