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U.S. Trade Deficit Widened As Global Economy Remains Sluggish
July 1, 2020
Trade between America and the rest of the world slowed further in May, as the coronavirus continues to drag down the global economy. Both exports and imports fell in May, but the gap between them grew to $54.6 billion, a 9.7% increase from the month prior, and the widest gap since December 2018.
Exports from the U.S. shrank by 4.4% to $144.5 billion, the lowest level in more than a decade.
The pace of the decline in exports and imports slowed in recent months, however, weak demand both abroad and domestically means that global trade flows are likely to remain restrained.
