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Richmans' Trade and Taxes Blog
Trade deficit rises again in May
Howard Richman, 7/13/2010
The Commerce Department just released the trade deficit data for May. U.S. exports were up, but imports rose even faster. Here's the opening paragraph from the press release:
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today 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.
Our trade deficit with China showed the same pattern. According to the individual country data, which is not seasonally adjusted, exports with China were up slightly, but imports from China were up much more. Our trade deficit with China grew from $19.3 billion in April to $22.3 billion in May.
Although President Obama and Congress may not be succeeding at stimulating the American economy, they are succeeding in stimulating China's economy.
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