The US advance trade in goods deficit widened sharply to $105.8 billion in May, well above the revised $83.0 billion shortfall in April and marking the deepest deficit since March of last year. Total exports fell by $11.8 billion while imports rose by $10.9 billion. Advance retail inventories edged up 0.6% month over month, while advance wholesale inventories dropped to 0.3%, half of April's pace and below expectations. The data arrived amid a global tech selloff and ongoing concerns over the Strait of Hormuz, which have weighed on inventory levels worldwide.
Caterpillar IncWider trade deficit and falling exports suggest weaker global demand, which could reduce Caterpillar's sales of heavy machinery.