The US trade deficit widened in May to its highest level since 2022 as goods exports fell more than imports.
Commerce Department data on Wednesday showed the trade deficit in goods and services widened 0.8 per cent month-on-month to $75.1 billion in May, the highest since October 2022. The median forecast of economists surveyed by Bloomberg was for a deficit of $76.5 billion.
Exports of goods and services fell 0.7% in May, while imports fell 0.3%, Bloomberg reported. The figures are not adjusted for inflation.
The widening trade deficit is expected to weigh on gross domestic product growth for the second straight quarter. Ahead of Wednesday's data release, the Atlanta Fed's GDPNow forecast showed trade subtracting nearly one percentage point from second-quarter growth.
Shipments of U.S. goods to overseas customers fell to their lowest level since November as exports of industrial supplies, aircraft and automobiles fell, limited economic growth in overseas markets and a strong dollar dampened demand for U.S. goods and services.
Against the complex backdrop of blocked shipping in the Strait of Hormuz and pressure on the global crude oil supply chain, the Organization of the Petroleum Exporting Countries (OPEC) recently issued a statement on the 7th stating that seven major OPEC+oil producing countries have decided to increase their daily crude oil production by 188000 barrels in July. So far, major oil producing countries have announced production increases for four consecutive months.
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