US trade deficit widens as oil imports surge
The US trade deficit swelled in May to $50.2 billion (£31.7 billion) from $43.6 billion the previous month, as oil imports surged.
According to the Commerce Department, the trade deficit rose to the highest level since October 2008.
Exports fell by 0.5% on a monthly basis to $174.9 billion, while imports rose by 2.6% on the month to $225.1 billion – the second highest on record.
Meanwhile, the politically sensitive trade gap with China ballooned to $25 billion in May from April’s figure of $21.6 billion.