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News Summary: US trade deficits narrows in May

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News Summary: US trade deficits narrows in May
Submitted by Fox First at Ten on July 11th

By The Associated Press

DEFICIT NARROWS: The U.S. trade deficit dipped to $48.7 billion in May, a drop of 3.8 percent from the May deficit of $50.6 billion.

EXPORTS AND IMPORTS: Exports rose 0.2 percent to $183.1 billion, the second highest level on record, with stronger sales to the 27-nation European Union and China. Imports fell 0.7 percent to $231.8 billion as the amount spent on imported oil dropped to the lowest level in 15 months.

OUTLOOK: Economists believe falling global oil prices will help restrain imports in the next few months but they are concerned that spreading economic weakness in Europe and such key markets as China could hurt U.S. exports.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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