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U.S. Trade Deficit Drops Unexpectedly

07/11/2008
A record number of exports drove the United States' trade deficit down in May to $59.8 billion, a reduction of 1.2 percent from April's number. Exports of American-made goods and services reached an all-time high of $157.6 billion, an increase of 0.9 percent from the previous month. Imports of goods and services grew to a record-high $217.3 billion, a 0.3 percent increase. Industry analysts were expecting a deficit of approximately $62 billion. Exports to the European Union reached $24.2 billion, helped in part, according to analysts, by the weakened U.S. dollar. Exports to Japan reached $6.2 billion, the second-highest on record, while exports to  Canada reached a record $24.5 billion. The trade deficit between the United States and oil-producing countries - including Saudi Arabia, Indonesia, Nigeria, and Venezuela - grew to $17.9 billion, another record high number. The deficit between the United States and China grew to $21 billion, up from $20 billion the previous month.

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