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U.S. trade deficit decreases slightly in May

The Department of Commerce today reported that the U.S. trade deficit fell by 2.7 percent in May to $55.3 billion, the best showing since March. Most of the improvement came from a drop in oil prices that slowed petroleum imports by 6.8 percent. However, crude oil prices have jumped to record levels since May.

Despite the improvement, clothing and textile shipments increased the deficit with China to the highest level in six months.

The April to May change in exports of goods reflected increases in foods, feeds, and beverages ($0.6 billion); consumer goods ($0.4 billion); and industrial supplies and materials ($0.2 billion). Decreases occurred in capital goods ($0.9 billion); automotive vehicles, parts, and engines ($0.2 billion); and other goods ($0.1 billion).

The April to May change in imports of goods reflected decreases in industrial supplies and materials ($2.4 billion); capital goods ($0.6 billion); and other goods ($0.1 billion). Increases occurred in automotive vehicles, parts, and engines ($1.0 billion); consumer goods ($0.2 billion); and foods, feeds, and beverages ($0.1 billion).

The May 2004 to May 2005 change in exports of goods reflected increases in industrial supplies and materials ($2.6 billion); capital goods ($1.2 billion); consumer goods ($1.2 billion); foods, feeds, and beverages ($0.8 billion); automotive vehicles, parts, and engines ($0.4 billion); and other goods ($0.3 billion).

The May 2004 to May 2005 change in imports of goods reflected increases in industrial supplies and materials ($7.0 billion); capital goods ($3.2 billion); consumer goods ($2.8 billion); automotive vehicles, parts, and engines ($0.6 billion); other goods ($0.5 billion); and foods, feeds, and beverages ($0.4 billion).