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THE US trade deficit grew more than expected in May as imports jumped and exports slipped, government data released yesterday showed.
The country’s chronically deficit trade balance with the rest of the world climbed 10.1 percent in May to a seasonally adjusted US$41.1 billion, the largest month-on-month increase since July 2015.
Analysts had expected a smaller 7 percent rise from April’s US$37.4 billion shortfall.
“Appreciation of the US dollar is weighing on the trade balance, making imports relatively inexpensive, while lowering the competitiveness of exports,” said Emily Mandel of Moody’s Analytics.
Exports fell a modest 0.2 percent to US$182.4 billion, led by a drop in capital goods as foreign businesses cut back spending on assets such as US machinery and equipment.
In May, US goods exports notably sagged for civilian aircraft, down 7.5 percent, and motor vehicles, off 2.3 percent.
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