US goods trade deficit widens sharply in May

(Sharecast News) - The US goods trade deficit widened sharply in May, according to advance figures from the Census Bureau, increasing to $105.8bn from $83bn in April on a seasonally adjusted basis. May's reading marked the widest gap in more than a year and came in well above expectations for a reading of $85bn.

Imports rose 3.6% to $313.4bn, the highest level in 14 months despite recently imposed tariffs, as inbound shipments increased across several categories, including consumer goods and industrial supplies.

Exports, on the other hand, fell 5.4% to $207.7bn, the third‑highest level on record but weighed down by broad price pressures in domestic industries. Shipments of industrial supplies dropped 7% to $82.7bn, while consumer goods exports declined 9.2% to $20.7bn.







Reporting by Iain Gilbert at Sharecast.com