The US trade deficit shrank in May as the value of imported merchandise declined to the lowest level since October 2021. The shortfall in goods and services trade declined by $5.5 billion, or 7.3% from a month earlier, to $69 billion, Commerce Department data showed Thursday. The figures aren’t adjusted for inflation. The gap matched the median estimate in a Bloomberg survey of economists. The value of goods and services imports declined 2.3%, led by decreases in consumer goods and industrial supplies. Total exports fell 0.8%, led by a drop in shipments of food and feeds such as soybeans. Demand for foreign goods is ... (full story)