U.S. goods trade deficit narrows in May

Imports of goods slipped $0.4 billion to $280.9. A record trade deficit weighed on the economy in the first quarter, resulting in gross domestic product declining at a 1.5% annualized rate.

The U.S. trade deficit in goods narrowed in May as exports increased, suggesting that trade could contribute to economic growth this quarter for the first time in nearly two years.

The goods trade deficit fell 2.2% to $104.3 billion, the Commerce Department said on Tuesday. Goods exports rose $2.0 billion to $176.6 billion. Imports of goods slipped $0.4 billion to $280.9.

A record trade deficit weighed on the economy in the first quarter, resulting in gross domestic product declining at a 1.5% annualized rate. Trade has subtracted from GDP for seven straight quarters.