Trade Gap Swells
Jul 12 2007
Weaker dollar helps growth in exports.
The United States trade deficit with the rest of the world widened to $60 billion in May, the Commerce Department reported. The gain was in line with forecasts.
Exports increased 2.2 percent, to $132 billion, boosted by a robust global economy and by weakness in the dollar, which makes American goods more competitive in price. A pickup in exports is expected to bolster growth in the American economy.
Imports rose 2.3 percent in May, to $192.1 million, helped by a big increase in imports of crude oil.
The trade deficit with China grew to $20 billion, from $19.4 billion, while the deficit with Europe was largely unchanged, at $9.9 billion. The deficits with Japan and Canada shrank to $5.9 billion and $5.2 billion, respectively.
