U.S. trade deficit dropped in May

WASHINGTON, July 10 (UPI) -- The U.S. trade deficit decreased in May compared to April's revised figures, the U.S. Bureau of Economic Analysis said Friday.

Exports in May totaled $123.3 billion, while imports totaled $149.3 billion, leaving a trade deficit of $26 billion. April's revised figure puts that month's trade deficit at $28.8 billion.

Both exports and imports have dropped sharply from a year ago. Exports in May 2008 were nearly $160 billion, while imports stood at nearly $220 billion.

But, the gap has shrunk. In May 2008, the budget deficit stood at close to $60 billion.

In Friday's report, the deficit in goods shrank by $2.6 billion from April to $37.3 billion. The surplus in services increased $200 million to $11.4 billion.

From a month ago, deficits increased on trade with China, Venezuela, Nigeria and the Organization of Petroleum Exporting Countries. The trade deficit fell against Mexico, the European Union, and Japan.