U.S. Trade Sinks to Lowest in More Than a Decade in May By Bloomberg

RCEP trade pact on track for 2020 signing: ministers By


© Reuters. U.S. Trade Sinks to Lowest in More Than a Decade in May

(Bloomberg) — U.S. exports of goods and services sank in May to the lowest in more than a decade as the coronavirus pandemic halted demand and shipments.

The overall gap of goods and services widened to $54.6 billion in May from a revised $49.8 billion in April, according to Commerce Department data released Thursday. The median estimate of economists surveyed by Bloomberg had called for a widening to $53.2 billion.

Exports declined from the prior month by 4.4% to $144.5 billion, the weakest since November 2009, the department said. Imports fell 0.9% to $199.1 billion, the lowest since July 2010.

Combined, the value of U.S. exports and imports decreased to $343.6 billion, the lowest since April 2010.

The coronavirus pandemic has decimated trade. The world’s largest economy has pulled back sharply since the outbreak began amid a surge in U.S. unemployment, a slump in consumer demand and a slowdown in international travel. Tensions between the U.S. and China have also been escalating, with President Donald Trump blaming the Asian nation for misleading the world about the scale and risk of the disease.

The data show exports of industrial supplies and materials, which include oil products, decreased $3.9 billion. Imports of automotive vehicles, parts, and engines declined $4.4 billion.

The deficit with China widened to $27.9 billion from $26 billion in the prior month.

©2020 Bloomberg L.P.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Source link

Bloomberg


Leave a Reply

Your email address will not be published. Required fields are marked *


About us

InvestLab is a financial services technology company focused on the global trading market. Founded in 2010 in Hong Kong, the company develops trading, market data, and social research products that enable individual investors and small to mid-size brokers to access global markets. We provide brokers and financial institutions cross border capabilities for retail investors into 43 markets globally.


CONTACT US

CALL US ANYTIME