China, Trade Deficit | featured news

The U.S. trade deficit shrank in May, as exports to places like China and Europe rose, defying concerns about a global economic slowdown. The Commerce Department said Wednesday that the trade deficit fell 3.8 percent to $48.7 billion in May, down from $50.6 billion in April.

China reported its first quarterly trade deficit in six years Sunday as surging prices for commodities pushed up its import bill.

The country’s trade deficit was $7.24 billion last month, as imports jumped with a surging domestic economy.