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Volume 17, Issue 139
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Wednesday, July 14, 2010
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Trade Deficit Rises Again as Imports and Exports Both Increase
Trade statistics released July 13 by the Department of Commerce show that the monthly U.S. goods and services trade deficit rose $2.0 billion in May to $42.3 billion. Exports rose $3.5 billion from April to $152.3 billion while imports climbed $5.5 billion to $194.5 billion. Compared to a year earlier, the May deficit was up by $17.4 billion (up from $11.8 billion in April) as exports saw a $26.4 billion gain (21.0%) and imports jumped $43.8 billion (29.1%).
On a country-by-country basis, the U.S. monthly trade deficit with China rose 15.5% to $22.3 billion. Deficits rose with the European Union (up 8.8% to $6.2 billion), Mexico (up 17.0% to $6.2 billion), Venezuela (up 16.7% to $2.1 billion) and Ireland (up 57.1% to $2.2 billion) and decreased with Japan (down 25% to $3.6 billion), Germany (down 3.3% to $2.9 billion), Canada (down 14.8% to $2.3 billion) and Nigeria (down 4.3% to $2.2 billion). The trade surpluses with Hong Kong ($1.6 billion), Australia ($1.1 billion), Singapore ($0.9 billion) and Egypt ($0.3 billion) were virtually unchanged.
Source Document 1...
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