Trade Deficit Falls on Dropping Imports; Deficit with China Widens Yet Again

The U.S. goods and services deficit was $48.7 billion in May 2012, down $1.9 billion from revised April 2012, according to the U.S. International Trade in Goods and Services Report, released on July 11 by the Census Bureau and the Bureau of Economic Analysis. The report showed that, as compared to April 2012 levels, exports were up $0.4 billion to $183.1 billion, and imports were down $1.6 billion to $231.8 billion. As compared to May 2011 totals, exports increased by 4.2% and imports by 3.8%. The U.S. trade deficit with China increased to $26 billion in April 2012, from $24.6 billion in April. Statement by Acting Commerce Secretary Blank available here. International Trade Administration fact sheet available here.