Trade Deficit Improves Slightly; the Marging with China Reaches 6- Month High

Summary

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WASHINGTON (AP) - The U.S. trade deficit showed a slight improvement in May, reflecting a temporary decline in world oil prices. But a continued surge in clothing and textile shipments pushed the deficit with China to the highest level in six months.

The Commerce Department reported that America's trade deficit fell by 2.7 percent in May to $55.3 billion, the best showing since March. The bulk of the improvement came from a big drop in oil prices which pushed petroleum imports down by 6.8 percent.

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Extract

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Trade Deficit Improves Slightly; the Marging with China Reaches 6- Month High

However, the trade improvement was likely to be temporary because prices of crude oil have soared to record levels above $60 per barrel since May.

The trade performance...

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