The US trade deficit grew by $4.8 billion in May, rising almost 10 percent from the previous month, as the coronavirus (COV1D-19) pandemic continued to disrupt exports from the United States, the Bureau of Economic Analysis (BEA) said on Thursday
WASHINGTON (Pakistan Point News / Sputnik - 02nd July, 2020) The US trade deficit grew by $4.8 billion in May, rising almost 10 percent from the previous month, as the coronavirus (COV1D-19) pandemic continued to disrupt exports from the United States, the Bureau of Economic Analysis (BEA) said on Thursday.
"The goods and services deficit was $54.6 billion in May, up $4.8 billion from $49.8 billion in April, revised," the BEA said in a news release. "Due to recent events surrounding COVID�19, many businesses are operating on a limited capacity or have ceased operations completely."
Exports for May stood at $144.5 billion, or $6.6 billion below that of April.
Imports were at $199.1 billion, or $1.8 billion less than the previous month.
Year�to�date, the goods and services deficit decreased by $22.3 billion, or 9.1 percent, from the same period.
Much of the US trade deficit for April was with China, which rose by $1.9 billion or, 7 percent, to $27.9 billion.
The trade deficit with China is often a politically-charged issue with the Trump administration. US exports to China rose by $700 million to $10 billion last month while imports rose by $2.7 billion to $37.9 billion.