The US trade deficit widened in May to $60 billion, despite strong export growth
aided by a weak dollar, as record high oil prices lifted imports to an all-time
high, government data showed.
May trade gap was up 2.3 per cent from a revised deficit of $58.7 billion for
April, the US commerce department said.
imports rose 2.3 per cent in May to $192.1 billion, as the country''s oil import
bill leapt to $19.0 billion - the highest since September - and imports of capital
goods such as telecommunications equipment and computers hit a record.
goods and services exports rose 2.2 per cent to a $132.0 billion, led by a $1.9
billion increase in shipments of civilian aircraft and other capital goods and
record exports of consumer goods and industrial supplies.
exports, however, are helping to narrow US trade gap on an annual basis and providing
a boost to domestic economic growth.
trade deficit, which hit a record $758.5 billion in 2006, totaled $295.5 billion
for the first five months of 2007, against $317.8 billion in the same period last
prices for crude oil imports rose more than $2 per barrel to $59.36, the highest
since $62.40 in September. US imports of oil from the Organisation of Petroleum
Exporting Countries increased nearly 10 per cent to a record $14.6 billion.
US trade deficit with China widened 3.3 per cent in May to $20.0 billion and reports
suggested the June gap could be larger.
said it posted a record trade surplus of $26.9 billion last month as exporters
rushed to ship goods ahead of a cut in government export tax rebates.
overall surplus for the first six months of 2007 was $112.5 billion, up 83 per
cent from the same period last year. China''s trade surplus with the US was $73.9
billion, or about two-thirds of the total.