US trade deficit narrowed in May
The US Department of Commerce announced foreign trade data for May.
Accordingly, the country’s foreign trade deficit decreased by 7.3 percent to $69 billion in May compared to the previous month.
The foreign trade deficit, which was in line with market expectations, was recorded as 74.4 billion dollars in April.
The country’s exports decreased by 0.8 percent to $247.1 billion in May, and its imports decreased by 2.3 percent to $316.1 billion.
US exports fell to the lowest level in 14 months due to the weakening global demand in this period, while imports fell to the lowest level in 17 months due to the ongoing high inflation and rising interest rates affecting domestic demand.
Trade deficit widened with France, decreased with Switzerland and Japan
In the said period, the USA had the largest foreign trade deficit against China with 24.9 billion dollars.
The country’s trade deficit with France widened during this period, while its trade deficit with Switzerland and Japan narrowed.
The U.S. trade deficit with France was $1.9 billion in May, up nearly 73 percent compared to the previous month. The country’s trade deficit with Switzerland, on the other hand, decreased by 42 percent to $2.6 billion in the same period, and the trade deficit with Japan decreased by about 27 percent to $5 billion.
Other trade partners with which the USA had a deficit in the said period include the European Union (16.5 billion dollars), Mexico (13.5 billion dollars), Vietnam (8.1 billion dollars), Germany (6.9 billion dollars), Ireland. ($5.4 billion), Canada ($5.3 billion), Japan ($5 billion), Italy ($3.9 billion), South Korea ($3.8 billion), Taiwan ($3.8 billion) ), India ($3.2 billion), Malaysia ($2.2 billion) and Israel ($900 million).
The countries with which the country has a trade surplus are South and Central America (4.2 billion dollars), the Netherlands (3.9 billion dollars), Belgium (1.7 billion dollars), Hong Kong (1.6 billion dollars), Australia (1, $2 billion), the United Kingdom ($1.2 billion), Brazil ($1 billion), Singapore ($300 million) and Saudi Arabia ($100 million).
