US trade deficit drops to $US44.4 billion

THE US trade deficit fell in May as US exports hit an all-time high, helped by a jump in exports of petroleum products.

IMPORTS dipped slightly.

The trade deficit narrowed 5.6 per cent in May to $US44.4 billion ($A48.0 billion) after hitting a two-year high of $US47 billion in April, the Commerce Department reported on Thursday.Exports of goods and services rose one per cent to a record $US195.5 billion in May while imports fell a slight 0.3 per cent to $US239.8 billion.A lower trade deficit boosts overall economic growth when it shows US companies are earning more in their overseas sales.Economists are looking for a smaller trade deficit in the April-June quarter, which will mean less of a drag on overall growth than in the first quarter, when the economy shrank at an annual rate of 2.9 per cent.In May, the US trade deficit with China rose 5.4 per cent to $US28.8 billion.Through the first five months of this year, America's deficit with China is running 3.2 per cent ahead of last year's record pace.The rise in exports reflected record sales of US-made autos and auto parts and an 11.3 per cent jump in exports of US petroleum products.The rise in US production has helped lower the need for imported oil, which dropped by five per cent in May to $US28.3 billion, the lowest monthly import total since November 2010.Total US exports to Canada were the highest on record while imports from Canada were the highest since July 2008, leaving a trade deficit of $US2.8 billion with Canada.Originally published as US trade deficit drops to $US44.4 billion

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