US Trade Deficit Widens to $45 Billion in May
Posted at: 07/03/2013 10:04 AM
WASHINGTON (AP) - The U.S. trade deficit increased in May to the highest level in six months as a weak global economy depressed U.S. export sales while imports of autos and other nonpetroleum products hit an all-time high.
The Commerce Department says the trade deficit rose to $45 billion in May, or 12.1 percent higher than April's $40.1 billion imbalance. It was the largest trade gap since November.
Exports slipped 0.3 percent to $187.1 billion as sales of American farm products dropped to the lowest point in more than two years. U.S. exports have been hurt by recessions in many European countries.
Imports rose 1.9 percent to $232.1 billion with nonpetroleum imports hitting a record high.
The trade deficit is running at an annual rate of $501.2 billion, 6.3 percent lower than last year.
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