U.S. exports slip 0.5% in May
The U.S. Commerce Department on Tuesday reported the country's exports of goods and services in May decreased 0.5 percent from April to $174.9 billion.
U.S. imports of goods and services increased 2.6 percent over this period to $225.1 billion, causing the U.S. trade deficit to increase 15.1 percent since April to reach $50.2 billion in May.
'While exports dipped slightly in May, exports have been growing at a strong pace overall in the first five months of 2011, up 16.4 percent compared to the same period last year,' said Commerce Secretary Gary Locke, in a statement. 'We're making progress but we still have a way to go.'