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 trade deficit rose to $45 billion in May, up 12.1 percent from April’s $40.1 billion imbalance, the Commerce Department reported Wednesday. 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’s total of $534.7 billion.
A wider trade gap can restrain growth because it means U.S. consumers and businesses are spending more on foreign goods than U.S. companies are taking in from overseas sales. But economists noted that the wider deficit does show growth in the United States remains stronger than most other nations.
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