Keeping you up to date on the latest data releases.
- International Trade
The U.S. trade deficit expanded 15.1 percent to $50.2 billion in May, dropping by $6.6 billion from $43.6 billion in April. Imports increased $5.6 billion to $225.1 billion, while exports declined $0.9 billion to $174.9 billion. May’s 2.6 percent climb in imports stems from a 10.3 percent increase in petroleum imports. Both volume and prices ($108.70 per barrel, highest since August 2008) contributed to the increase in petroleum imports which in turn caused a widening of the overall petroleum deficit. The increase in the petroleum deficit accounts for nearly two-thirds of the expansion of the overall trade balance. Increases in auto imports, posting gains of $0.6 billion in May after declining 2.8 billion the previous month, reflect fading disruptions from the Japanese disaster. Year-over year imports rose 15.9 percent. Exports declined 0.6 percent in May, the first drop since February 2011. Although exports fell from April to May, they are up by 15 percent on a year-over-year basis. May’s decline in exports stems from decreases in industrial supplies (down 5 percent) and consumer goods (down 2.8 percent).