The trade deficit narrowed from -$67.138 billion to -$65.879 billion in May as exports rose 0.4% and imports fell 0.4%.
Nonetheless, for the second quarter, the Census Department International Trade in Goods report shows the balance of trade (exports minus imports) for the quarter is still negative.
In March, the balance of trade was -$64,923. For the quarter balance of trade is down 1.5%, about 0.75% per month on average by my calculation but footnote 2 states “Data are presented on a Census basis. The information needed to convert to a balance of payment basis is not available.”
International Trade in Goods
Ignoring the footnote, the second quarter balance of trade appears to be slightly negative. This will not impact GDP much.
Mike “Mish” Shedlock