7/12/2006 – The U.S. trade deficit increased by 0.8% in May to $63.8 billion with imports rising more than exports. Exports increased 2.4% to $118.7 billion, the biggest percentage gain since December 2004. Petroleum imports contributed a 1.8% increase ($182.5 billion) to the rise in imports. The non-petroleum deficit declined to $43.2 billion, its lowest level in nine months. The deficit in April was revised insignificantly to $63.3 billion. The report is available at the U.S. Census Bureau website.
Underneath the energy data there is a strong export story building. Asia needs American capital goods.