US trade deficit increased to $ 71.2 billion in May

Washington (AP) — The US trade deficit in May expanded to $ 71.2 billion as a small increase in exports was offset by a large increase in imports.

The Commerce Department reported on Friday that the deficit was corrected by 3.1% from the April deficit of $ 69.1 billion. The US trade deficit reached a monthly record of $ 75 billion in March.

In May, US exports of goods and services increased 0.6% to $ 206 billion. However, it was offset by a 1.3% increase in imports, which reached $ 277.3 billion.

In the first five months of this year, the US trade deficit totaled $ 353.1 billion, an increase of 45.8% from the same period last year’s deficit, when the desire for US imports was suppressed by a pandemic.

This year, improved US economies increased import demand, slowed recovery in other parts of the world, and slowed US export demand. The trade deficit is the gap between what the United States sells abroad and what the country imports.

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