U.S. Commerce Department reported on Friday that the U.S. goods and services
trade deficit widened to $71.2 billion in May from a revised $69.1 billion in
the previous month (originally a gap of $68.9 billion).
Economists had expected a deficit of $71.4 billion.
According to the report, the May advance in the goods and services reflected a gain in the goods deficit of $2.3 billion to $89.2 billion and an increase in the services surplus of $0.1 billion to $17.9 billion.
In May, exports of goods and services from the U.S. rose 0.6 percent m-o-m to $206.0 billion, while imports jumped 1.3 percent m-o-m to $277.3 billion, as the global COVID-19 pandemic and the economic recovery continued to impact international trade.
Year-to-date, the goods and services deficit surged 45.8 percent from the same period in 2020. Exports jumped 11.4 percent, while imports climbed 18.7 percent.
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