U.S. exports hit record high, easing trade deficit

The United States’ trade deficit narrowed in May as exports — including industrial supplies and consumer goods — climbed to all-time highs.

The latest snapshot of trade activity, reported by the Commerce Department on today, showed that the nation’s trade gap decreased to $59.8 billion. That was down 1.2% from April’s trade deficit and was the best showing since March.

The improvement came even as imports — including crude oil — hit new record highs.

The trade deficit narrowed in May because exports grew faster than imports.

Read Full Article from Detroit Free Press

- Posted: 2008-07-11 09:48:07

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