/javascript" src="../static/js/analytics.js"> CalTrade Report - US Trade Deficit Narrows in May trade deficit, CalTrade Report, U.S. Census, U.S. exports - US Trade Deficit Narrows in May - Export surge spurred by a weaker dollar and a marked pickup in overseas economies CalTrade Report Asia Quake Victims 07/15/04 - US exports during the month jumped nearly 3% to a record $97 billion with US exporters seeing increased demand overseas for a variety of products including American-made automobiles, engines and parts, industrial supplies such as chemicals and plastics, and capital goods such as airplanes and industrial engines; trade deficits with China and Mexico grew while those with the European Union, Canada, Japan, Hong Kong, Korea, Singapore, Taiwan shrank. - 07/15/04 - US exports during the month jumped nearly 3% to a record $97 billion with US exporters seeing increased demand overseas for a variety of products including American-made automobiles, engines and parts, industrial supplies such as chemicals and plastics, and capital goods such as airplanes and industrial engines; trade deficits with China and Mexico grew while those with the European Union, Canada, Japan, Hong Kong, Korea, Singapore, Taiwan shrank. - US Trade Deficit Narrows in May trade deficit, CalTrade Report, U.S. Census, U.S. exports - US Trade Deficit Narrows in May

 

Tuesday, June 13, 2006

 

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US Trade Deficit Narrows in May

Export surge spurred by a weaker dollar and a marked pickup in overseas economies

WASHINGTON, DC - 07/15/04 - The US trade deficit narrowed unexpectedly in May as stronger growth overseas and the weak US dollar helped propel exports to record levels.
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According to the US Census, the overseas sales of US products during the month jumped nearly 3% to a record $97 billion with US exporters seeing demand for a variety of their products increase.

Simply, the export surge was helped by a weaker dollar, which makes US goods cheaper for foreign buyers, and a marked pickup in overseas economies.

Sales of American-made automobiles, engines and parts rose by 1.3%, to $7.2 billion, a record high, while industrial supplies, including chemicals and plastic materials, also hit an all-time monthly high of $17.3 billion in May, up from $16.3 billion the month before.

Exports of capital goods, such as airplanes and industrial engines, climbed to $28.8 billion, the highest level since March 2001.

US imports increased fractionally in May to a record $143 billion, aided by a record oil import bill of $11 billion.

On the import side, sales of foreign-made automobiles and parts also hit a record high of $19.4 billion in May, up from nearly $19 billion in April.
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Imports of foods, feeds and beverages were valued at a record $5.2 billion in May.?

The May trade gap of $46 billion was below a median estimate of $48 billion forecasted?by Wall Street analysts surveyed before the report, narrowing for the first time in six months despite the highest prices for imported oil in nearly 22 years.
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Despite the smaller monthly trade gap, the annual deficit remained on track to surpass last year's record of $497 billion.
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In the first five months of this year, the trade gap has grown from $209 billion to $231 billion during the same period in 2003.

The politically sensitive trade deficit with China rose slightly to $12 billion as imports from that country leapt to their second highest level on record. US exports to the country rose more than 6% to $2.9 billion.
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The trade gap with the 25-member European Union shrank 17.6% to $7.9 billion, while the shortfall with Japan narrowed 13.7% to $5.5 billion.
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The US trade deficit with NAFTA trading partners Mexico and Canada bulged 17.6% to $3.8 billion and contracted 15.3% to $4.8 billion, respectively, with the deficit with Hong Kong, South Korea, Singapore and Taiwan, combined, shrinking 28.2% to $1.3 billion.
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The deficit with the Organization of Petroleum Exporting Countries (OPEC) grew 5.8% to a record $7 billion with trade gap with those countries reaching a record $6 billion.

Go back, or read the latest Front Page stories:

US Seeks Stronger Ties With Brazil

WASHINGTON, DC – 06/13/06 – Rebounding from the failure to craft a Free Trade Area of the Americas pact, the Bush Administration is aiming at strengthening trade ties with Brazil in an effort to counter China’s fast-growing economic influence in Latin America; China should not only be seen as an export market with 1.3 billion consumers, but also as a nation of 1.3 billion ''new competitors,'' says US Secretary of Commerce Carlos Guittierez.


US Threatens WTO Action Against China

WASHINGTON, DC – 06/10/06 – The White House is threatening to slap China with a World Trade Organization case unless Beijing responds quickly to US concerns over its lack of action on securing intellectual property rights for US products; talks on bringing the WTO case are at a ''very advanced stage,'' according to a high level official in the Office of the US trade Representative.


High Hopes for Central American Trade Pact

WASHINGTON, DC – 06/08/06 – The US -Central American Free Trade Agreement (CAFTA) still faces some hurdles, but could become a reality ''very soon,'' according to Deputy Secretary of State Robert Zoellick; the issues relating to government procurement, intellectual property rights and agriculture still need to be worked through, says the former US Trade Representative following a session of the Organization of American States (OAS) General Assembly in Santo Domingo, Dominican Republic.





 

 


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