US trade deficit fell to $48.7 billion in May
The U.S. trade deficit narrowed in May from April, a hopeful sign for economic growth. American companies sold more products in Europe and China, while cheaper oil lowered the amount spent on imports.
The Commerce Department says the trade deficit fell 3.8 percent to $48.7 billion in May, down from $50.6 billion in April.
Exports rose 0.2 percent to $183.1 billion. The increase reflected stronger sales of telecommunications equipment and heavy machinery. Imports dropped 0.7 percent to $231.8 billion. America's foreign oil bill fell to the lowest level in 15 months.
A narrower trade gap is less of a drag on growth. The United States is spending less on foreign-made products, while taking in more from sales of U.S.-made goods.
AP
Related Articles
- Conflict -Free Tags Help Revive Congo Minerals Trade
- US trade gap widens at fastest pace in 10 months
- US trade deficit fell in February to $46 billion
- US trade upgrade may worsen relations with Russia
More News
- Rome Protest Turns Up Heat On New PM Letta
- North Korea Fires Three Short-Range Missiles
- GOP hopes IRS scandal will snag health care law
- Japan Economy on the Road to Recovery
- Assad: Syria transition talks are internal matter
- Suspected US drone in Yemen kills 4 militants
- WHO: Death Toll From New Bird Flu In China Rises To 36
- Former Argentine Dictator Videla Dies In Prison At Age 87
- IMF says Cyprus at risk of even deeper recession
- UN says Syrian refugees top 1.5M
