Trade Deficit Ebbs as Exports Rise to Record High

July 11, 2008 6:17:51 AM PDT
The United States' trade deficit narrowed in May as exports - including industrial supplies and consumer goods - climbed to all-time highs. The latest snapshot of trade activity, reported by the Commerce Department on Friday, showed that the nation's trade gap decreased to $59.8 billion. That was down 1.2 percent from April's trade deficit and was the best showing since March.

The improvement came even as imports - including crude oil - hit new record highs.

The trade deficit narrowed in May because exports grew faster than imports.