Disclaimer: The information provided on the Timber Exchange Market Data Hub is sourced from a variety of publicly available data sources and confidential sources that have not been independently verified. Timber Exchange is not responsible for any expenses, damages, losses, or costs incurred as a result of using or relying on the information provided on this site. By using the Timber Exchange Market Data Hub, you agree to use the information at your own risk and acknowledge that any decisions made based on the information provided are done so solely at your own risk.
U.S. trade deficit expands for 2nd consecutive month in May

U.S. trade deficit expands for 2nd consecutive month in May

Posted on July 5, 2024   |  

The U.S. trade deficit grew for the 2nd month in May due to declining exports, impacting economic growth in Q2.

The goods trade deficit rose by 0.9% to $100.2 billion, the highest since May 2022, and increased by 0.5% to $94.5 billion after inflation adjustment.

Trade lowered GDP growth in Q1 to a 1.4% annualized rate, down from 3.4% in Q4 of the previous year. Q2 growth is estimated at 2%.

Exports decreased by 0.7% to $261.7 billion in May, affected by a strong dollar and weaker global demand.

Goods exports fell by 1.7% to $169.6 billion, with significant drops in industrial supplies, nonmonetary gold, other petroleum products, and fuel oil. Automotive exports also decreased.

Services exports rose by $1.1 billion to $92.1 billion, mainly due to travel.

Imports fell by 0.3% to $336.7 billion, with goods imports down by 0.8% to $269.7 billion. There were declines in consumer goods imports, especially pharmaceuticals, although imports of cell phones and other household goods increased by $1.0 billion.

Automotive imports fell by $1.5 billion, while imports of industrial supplies and materials rose by $1.4 billion, driven by crude oil and nuclear fuel materials. Services imports increased by $0.9 billion to $67.0 billion, due to higher transport and travel.



Previous Next