The Bureau of Economic Analysis
released its monthly report on U.S. International Trade in Goods and Services
on July 11th. As of
May, America is running a $48.7 billion trade deficit. The trade deficit was revised downward
from its previous estimate of $50.1 billion in April. Exports of goods and services rose $0.4 billion during May –
due mostly to an increase in the exports of services – and imports decreased by $1.6 billion. While the imports of
goods decreased, imports of services actually increased. America’s goods deficit with China
contributes greatly to the overall trade deficit, and in the month of May, the
goods deficit with the nation of over 1.3 billion increased $1.4 billion to
$26.0 billion total.
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