U.S. Trade Reaches 19-Month High of $314b in May
The BEA released monthly data today on U.S. International Trade for May (link), and reported that "Total May exports of $152.3 billion and imports of $194.5 billion resulted in a goods and services deficit of $42.3 billion, up from $40.3 billion in April, revised. May exports were $3.5 billion more than April exports of $148.7 billion. May imports were $5.5 billion more than April imports of $189.0 billion."
Total U.S.international trade (exports + imports) reached a 19-month high of $314 billion in May, the highest level since October 2008, and 27.5% above the April 2009 low of $246 billion (see chart above). Further, international trade volume has increased in 10 out of the last 13 months, providing further evidence that the economy started on a recovery path last summer and continues to make solid gains almost every month.