US Trade Deficit Narrows as Imports of Merchandise Decline
- Value of goods imports dropped in May to lowest since 2021
- Merchandise shortfall with China smallest since October
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The US trade deficit shrank in May as the value of imported merchandise declined to the lowest level since October 2021.
The shortfall in goods and services trade declined by $5.5 billion, or 7.3% from a month earlier, to $69 billion, Commerce Department data showed Thursday. The figures aren’t adjusted for inflation. The gap matched the median estimate in a Bloomberg survey of economists.