Tuesday, July 12, 2011
US trade deficit surges to $50.2 BL in May
The US trade gap widened much more than expected in May as a jump in oil prices helped push imports to the second highest level on record and exports fell slightly from April's record high, a US government report showed.
The trade deficit totaled $50.2 billion, the highest since October 2008, and well above the consensus estimate of $44.0 billion from Wall Street analysts surveyed before the report.
Imports rose 2.6 percent to $225.1 billion, the highest since the record of $231.6 billion set in July 2008 just before the global financial crisis took a huge toll on global trade.
The increase reflected record imports of capital goods and food, feeds and beverages in a sign of resurgent US demand, but a jump in oil prices to $108.70 per barrel - the highest since August 2008 - also accounted for a large part of the gain.
The trade deficit totaled $50.2 billion, the highest since October 2008, and well above the consensus estimate of $44.0 billion from Wall Street analysts surveyed before the report.
Imports rose 2.6 percent to $225.1 billion, the highest since the record of $231.6 billion set in July 2008 just before the global financial crisis took a huge toll on global trade.
The increase reflected record imports of capital goods and food, feeds and beverages in a sign of resurgent US demand, but a jump in oil prices to $108.70 per barrel - the highest since August 2008 - also accounted for a large part of the gain.
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