WASHINGTON - The U.S. trade deficit unexpectedly increased to a seasonally adjusted $42.3 billion in May, the highest deficit since November 2008, as exports and imports increased to their highest levels in almost two years, the Commerce Department reported today.
Imports of goods and services increased by $5.5 billion to $194.5 billion, the largest increase since December 2009. Consumer goods increased by $2.6 billion and capital goods imports increased by $2.0 billion, both to the highest levels since September 2008.
Exports of goods and services increased by $3.5 billion to $152.3 billion, the highest level since September 2008. Capital goods exports rose by $2.0 billion and industrial supplies and materials exports rose by $600 million, both reaching their highest levels since August 2008.
Economists expected the U.S. trade deficit would decrease to $39.0 billion in May, according to the median estimate from Thomson Reuters. The April trade deficit was unrevised at $40.3 billion.
The value of U.S. petroleum imports declined to $21.5 billion from an unrevised $22.7 billion in April. The average price per barrel of crude oil decreased to $76.93 from $77.13.
The trade deficit with China increased to $22.3 billion, the largest deficit since October 2009. May imports from China increased to $29.0 billion, also the highest level in seven months.
Imports from India increased to $2.7 billion, the highest on record.
