America’s trade gap of international goods ballooned last month to its highest level since February, according to a report published Monday by the Census Bureau.
And with the ongoing fallout from the United Kingdom’s split with the European Union indirectly pushing the value of the dollar higher, analysts aren’t generally expecting that goods shortfall to turn back around in the foreseeable future.
U.S. exports of goods dipped slightly in May, falling by about $250 million to just north of $119 billion. Imports, meanwhile, climbed considerably for a second consecutive month, up nearly $4 billion. Americans imported more industrial supplies for a second consecutive month, which is a good sign for the domestic manufacturing industry. But there were also more imports of automotive vehicles and consumer goods, which could potentially compete directly with American-made products inside the U.S.
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