Trade Deficit Drops 2.8% in May; Decline Is More Than Expected

he U.S. trade deficit declined to $55.3 billion in May as imports of oil industrial materials and capital goods fell, the Commerce Department reported Wednesday.

The gap fell by 2.8% from a revised $56.9 billion in April that was slightly smaller than the $57 billion reported originally.

Bloomberg reported that analysts had predicted no change in the May deficit from April’s level. The figures for April and May point to a narrower deficit for the second quarter, which ended June 30, Bloomberg said.

Trucks are used both to deliver imports to local stores and to move exports from factories to airplanes or ships for overseas shipment.