US trade deficit narrows sharply in May
Washington - The United States' trade deficit fell in May to its lowest level in nearly ten years, the US Commerce Department said Friday, surprising economists.
The deficit fell to 26 billion dollars, down nearly 10 per cent from a revised 28.8 billion dollars in April and the lowest since November 1999.
Economists had expected the trade deficit to widen to 30 billion dollars in May, according to a survey by Bloomberg News. The department originally reported a 29.2-billion-dollar deficit in April.
US exports climbed 1.6 per cent to 121.4 billion dollars in May. Imports dropped 0.6 per cent to 149.3 billion dollars, led by smaller needs for crude oil and car parts.
Trade volumes have plummeted over the past year amid the global economic crisis. Exports have tumbled 21.3 per cent and imports 31.3 per cent since May 2008. (dpa)