With exports rising and imports falling, the Commerce Department released a report on Thursday showing that the U.S. trade deficit narrowed in the month of May.
The report said the trade deficit narrowed to $46.5 billion in May from $47.6 billion in April. Economists had expected the deficit to narrow to $46.2 billion.
The Commerce Department said the value of exports rose by 0.4 percent to $192.0 billion in May from $191.2 billion in April.
Exports of consumer goods and automotive vehicles and parts showed notable increases, more than offsetting a drop in exports of foods, feeds and beverages.
On the other hand, the report said the value of imports edged down by 0.1 percent to $238.5 billion in May from $238.8 billion in April.
Decreases in imports of cell phones and other household goods and passenger cars were partly offset by an increase in imports of capital goods.
The Commerce Department also said the goods deficit narrowed to $67.5 billion in May from $68.4 billion in April, while the services surplus widened to $21.0 billion from $20.8 billion.
by RTT Staff Writer
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