Tags: Coronavirus | exports | imports | virus | economy

Exports Sink 5.8% to 11-Year Low as Imports Drop 1.2%

Exports Sink 5.8% to 11-Year Low as Imports Drop 1.2%
(Artistashmita/Dreamstime)

Thursday, 25 June 2020 10:13 AM

U.S. exports sank to the lowest in more than a decade while imports dropped as the coronavirus continued to curtail demand for goods and upset producers’ supply chains.

Goods exports plummeted 5.8% in May from the prior month to $90.1 billion, the lowest since August 2009, according to Commerce Department data released Thursday. Imports decreased 1.2% to $164.4 billion.

The data indicate the U.S. economy is still struggling to turn around after the business lockdowns and slowdown in consumer spending stemming from the coronavirus, even as more states begin to reopen and Americans head back to work. Analysts typically look to these trade numbers to adjust estimates for economic growth during the quarter.

The goods-trade deficit widened to $74.3 billion, the biggest since June last year, from a revised $70.7 billion a month earlier. The median forecast in a Bloomberg survey of economists called for a $68.2 billion gap.

The International Monetary Fund this week downgraded an already-dour outlook for global trade this year, forecasting an 11.9% drop in goods and services trade.

The report also showed retail inventories fell 6.1% from the prior month. Wholesale inventories dropped 1.2%.

© Copyright 2021 Bloomberg News. All rights reserved.


Economy
U.S. exports sank to the lowest in more than a decade while imports dropped as the coronavirus continued to curtail demand for goods and upset producers' supply chains.
exports, imports, virus, economy
189
2020-13-25
Thursday, 25 June 2020 10:13 AM
Newsmax Media, Inc.
 
Newsmax TV Live
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved