US trade deficit increases to $71.2 billion in May

The U.S. trade deficit widened in May as $71.2 billion as a small increase in exports was offset by a bigger rise in imports

WASHINGTON -- The U.S. trade deficit widened in May as $71.2 billion as a small increase in exports was offset by a bigger rise in imports. The Commerce Department reported Friday that the deficit rose 3.1% from the revised April deficit of $69.1 billion The U.S. trade deficit had hit a monthly record of $75 billion in March. In May, exports of U.S. goods and services rose 0.6% to $206 billion. But that was offset by a 1.3% gain in imports which hit $277.3 billion. Through the first five months of this year, the U.S. trade deficit totals $353.1 billion, up a sizable 45.8% from the deficit during the same period last year when Americans' appetite for imported goods was being held back by the pandemic.