U.S. Trade Deficit Narrows in May

The U.S. trade deficit narrowed in May to the lowest level in almost a decade, the Commerce Department said Friday.

The gap between imports and exports fell 9.8% to $28.8 billion, the smallest deficit since November 1999, Commerce said.

Economists had forecast the deficit would rise to $30 billion, Bloomberg said.

Exports rose 1.6%, the biggest increase since July 2008, to $123.3 billion. Imports fell 0.6% to $149.3 billion.