US trade deficit widens as oil imports surge

| July 13, 2011 | 0 Comments

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.

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