U.S. Trade Gap Narrowed 6.6% in May

Soybean exports rose by nearly $2 billion, accounting for nearly half of total increase in exports

As U.S. tariffs on $34 billion of Chinese exports go into effect, China said it never wanted this trade war with the U.S.-but would take countermeasures. Photo: Reuters

Sarah Chaney and

Eric Morath

July 6, 2018 8:34 a.m. ET

WASHINGTON—The U.S. trade gap contracted in May, reflecting a sharp rise in soybean shipments and other exports and only a modest increase in purchases of foreign-made goods.

The trade deficit in goods and services fell 6.6% from a month earlier to a seasonally adjusted $43.05 billion in May, the Commerce Department said Friday. Exports rose 1.9% from April, while imports increased 0.4% in May.

The...