FXStreet (Mumbai) – The official data released on Tuesday showed the US trade deficit climbed to a seasonally adjusted USD 41.9 billion from a revised USD 40.7 billion in April. The markets were expecting a trade deficit figure of USD 42.60 billion.
Exports dipped 0.8% to USD 188.6 billion due to a strong dollar and weaker growth outside the US Imports slid 0.1% to USD 230.5 billion. As per the Bloomberg report, domestic crude production further reduced America’s imported fuel bill, which dropped in May to the lowest level since February 2002.
The data also showed, the US posted a surplus against Canada for the first time, while its deficit with China and Europe grew further.
(Market News Provided by FXstreet)