EmailThe U.S. trade deficit in May narrowed from $50.6 bln in April to $48.7 bln. That was in-line with the Briefing.com consensus expectation for a trade deficit of $48.9 bln. Exports increased a modest $0.4 bln from $182.7 bln in April to $183.1 bln in May. Imports fell from $233.3 bln in April to $231.8 bln in May.
The narrowing of the trade deficit was mostly a reflection of falling oil prices. Petroleum imports fell $3.3 bln to $35.3 bln in May. That was the smallest level of petroleum imports since February 2011. Excluding petroleum, the trade balance increased $1.2 bln to $37.9 bln. Food exports, which increased by $0.9 bln, were the primary factor behind export gains in May. The goods deficit declined $1.7 bln from $65.2 bln in April to $63.5 bln in May. The services surplus increased to $14.8 bln in May from $14.6 bln in April.
