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In May, the US foreign trade deficit rose to a maximum since December 2018

Fri Jul 03, 2020
watermark Economic news

According to the US Department of Commerce, the country's foreign trade balance deficit amounted to $54.6 billion in May compared with the revised April figure of $49.8 billion. The figure was the highest since December 2018.

Analysts had forecast an increase in the negative balance of the US foreign trade to $53 billion from a previously announced $49.4 billion in April.

Both export and import volumes decreased in May due to the pandemic of the Covid-19 coronavirus infection, as many companies either suspended their activities or were operating on a limited basis.

Exports from the US in May fell by $6.6 billion (4.4%) to $144.5 billion, which was the lowest since November 2009. Exports of goods fell by $5.5 billion, supply of services – by $1.1 billion.

Import volume decreased by $1.8 billion (0.9%) to $199.1 billion, which was the lowest level since July 2010. Imports of goods decreased by $1.3 billion, services – by $0.5 billion.

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