US trade deficit at 18 month high
The US trade deficit widened to its highest level in 18 months in May. Driving this gap was the demand for imported cars, computers, and clothing.
The deficit increased by 4.8% to $42.3 billion. Exports were the highest they’ve been since September 2008, but the 2.9% raise in imports was just a bit higher than the 2.4% raise in exports, but it was enough. The biggest import leap came from China. Industrial supplies and cars made up the majority of the boost in exports.
US imports from Saudi Arabia and other OPEC nations was down by 10%, however.