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U.S. trade gap in goods widens in May on increased imports
01/07/2016 12:00
The U.S. trade gap in goods widened in May, a report said Monday.
The advanced trade gap widened to a seasonally adjusted $60.59 billion from $57.53 billion, the Commerce Department said. That’s wider than the $59.7 billion gap estimated in a MarketWatch-compiled economist poll.
Imports grew while exports fell slightly. Imports rose to $179.63 billion from $176.82 billion, while exports fell to $119.04 billion from $119.29 billion.
Stephen Stanley, chief economist at Amherst Pierpont Securities, noted that the bulk of the import gains came in industrial supplies, which he said suggests an oil-related pop.
The advanced report excludes services, a category that tends to work in the U.S.’s favor. The government publishes this report in large part to get a better handle on how to account for trade in gross domestic product reports.
The advanced trade gap widened to a seasonally adjusted $60.59 billion from $57.53 billion, the Commerce Department said. That’s wider than the $59.7 billion gap estimated in a MarketWatch-compiled economist poll.
Imports grew while exports fell slightly. Imports rose to $179.63 billion from $176.82 billion, while exports fell to $119.04 billion from $119.29 billion.
Stephen Stanley, chief economist at Amherst Pierpont Securities, noted that the bulk of the import gains came in industrial supplies, which he said suggests an oil-related pop.
The advanced report excludes services, a category that tends to work in the U.S.’s favor. The government publishes this report in large part to get a better handle on how to account for trade in gross domestic product reports.
Source: MarketWatch
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