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July 12, 2012

U.S. trade deficit eases by 3.8 percent

Acting U.S. Commerce Secretary Rebecca Blank. (UPI Photo/Roger L. Wollenberg)

WASHINGTON (UPI) -- Exports of U.S. goods and services rose 0.2 percent in May to $183.1 billion, easing the trade gap by 3.8 percent, the Commerce Department said Wednesday.

"Total May exports of $183.1 billion and imports of $231.8 billion resulted in a goods and services deficit of $48.7 billion, down from $50.6 billion in April," the monthly report by the Commerce Department's Census Bureau and Bureau of Economic Analysis said.

Record exports were reported in total services, at $52.4 billion, as well as in the foods, feeds and beverages category, which came in at $11.8 billion.

Exports of U.S. goods and services through the first five months of 2012 were up 5.7 percent, or $48.6 billion, from the same period of 2011 to reach $908.7 billion.

"U.S. exports posted their second-highest level on record in May despite some tough economic conditions abroad, confirming the progress we are making on the path to achieving the president's goal of doubling exports by the end of 2014," Acting U.S. Commerce Secretary Rebecca Blank said in a statement.

The Wall Street Journal said the easing in the trade gap was in line with Wall Street expectations.

Comments :


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But with trade you also have to take into account for how large cornitues are in another way. A lot if inter-state trade in the US, whioch is not considered exports would be for say germany. Germany traded with Italy, its exports. Texas trades with new York, its not. Small countries like Hong Kong have such high trade as a percent of GDP because they have to. They cant possibly specialize efficently enough aras of production, where a large country like the US has many comparative advantages. So if you look at exports per capita for the entire EU with non-EU nations, which is a more accurate comparison with the US, you find that the US exports more per capita then the EU per capita. Though we also import more too.


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