Washington, DC, United States (4E) – The trade deficit in the U.S. narrowed by over 5 percent in May due to rise in exports, according to official data released Thursday.
The country’s trade gap fell to $44.4bn in May, compared with April’s revised deficit of $47.0bn, according to the Commerce Department. The trade deficit recorded in April was the highest level in two years.
The size of the decline surprised many analysts after the economy posted five consecutive months of increases. Analysts’ average estimate for May was a deficit of $45.2bn.
Exports of goods and services rose 1.0 percent in May to $195.5bn, driven by huge gains in exports of consumer goods and automobiles.
Imports slightly fell 0.2 percent to $239.8bn, with goods accounting for most of the decline.
Exports of U.S. goods reached a record $135.7bn, as shipment of automobiles advanced to a new high of $13.5bn.