US trade gap widens more than expected in May
Print Edition
THE US trade deficit grew more than expected in May as imports jumped and exports slipped, government data released yesterday showed.
The country’s chronically deficit trade balance with the rest of the world climbed 10.1 percent in May to a seasonally adjusted US$41.1 billion, the largest month-on-month increase since July 2015.
Analysts had expected a smaller 7 percent rise from April’s US$37.4 billion shortfall.
“Appreciation of the US dollar is weighing on the trade balance, making imports relatively inexpensive, while lowering the competitiveness of exports,” said Emily Mandel of Moody’s Analytics.
Exports fell a modest 0.2 percent to US$182.4 billion, led by a drop in capital goods as foreign businesses cut back spending on assets such as US machinery and equipment.
In May, US goods exports notably sagged for civilian aircraft, down 7.5 percent, and motor vehicles, off 2.3 percent.
Imports leaped 1.6 percent to US$223.5 billion, almost entirely due to a rise in imports of goods such as industrial supplies, up 7.1 percent, and consumer goods, including mobile phones, up 2.9 percent.
Imports of services hit an all-time high of US$41.4 billion.
Jim O’Sullivan, chief US economist at High Frequency Economics, pointed out that despite May’s big rise, the trade deficit was just modestly higher than the first-quarter average of US$40.6 billion.
The US’s goods trade gap with China soared 19.3 percent to US$29 billion in May.
The goods deficit also widened with the 28-nation European Union, by 13.5 percent.
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