July 11, 2012 10:00 AM, EDT

U.S. Trade Deficit Shrinks in May

Larry Smith/Trans Pixs

The U.S. trade deficit shrank 3.8% in May as imports fell to the lowest level in three months, the Commerce Department said Wednesday.

The gap between imports and exports fell to $48.7 billion, from a revised $50.6 billion in April that was higher than originally reported.

Economists had projected a $48.6 billion trade gap, Bloomberg reported.

Imports decreased 0.7% to $231.8 billion, while exports increased 0.2% to $183.1 billion.