Trade Gap In U.S. Narrowed In May As Imports Decreased: Economy The trade deficit in the U.S. narrowed in May as falling crude oil prices and weakening demand for consumer goods trimmed the import bill. The gap shrank 3.8 percent to $48.7 billion, in line with the median estimate of economists surveyed by Bloomberg News, from $50.6 billion in April, Commerce Department figures showed today in Washington. Purchases from abroad fell to the lowest level in three months, while exports climbed to the second- highest on record. Slowing global growth, which led central banks from Europe to China to cut interest rates and announce more stimulus a week ago, may signal American companies will have a harder time boosting overseas sales. At the same time, an increase in imports of business equipment indicates sustained investment in the U.S., and more inbound shipments of cars point to continued strength in the auto industry. “The trade deficit will drift slightly lower because of the decline in the price of oil,” said Jay Bryson, senior global economist at Wells Fargo Securities LLC in Charlotte, North Carolina, who was the only analyst to correctly project the trade outcome. “Exports are holding up, but as we go forward we are going to see pretty weak numbers given the slowdown abroad. Our economy has slowed as well.” Stocks declined for a fifth day as investors awaited minutes of last month’s Federal Reserve meeting for signs of further stimulus measures. The Standard & Poor’s 500 Index fell 0.1 percent to 1,339.73 at 11:21 a.m. in New York.