WASHINGTON – The U.S. trade deficit jumped by $6.6 billion to $50.2 billion in May, the largest deficit since October 2008, as oil costs increased and exports shrank, the Commerce Department reported Tuesday.
May imports rose by $5.6 billion, or 2.6%, to $225.1 billion. Imports of goods were the highest since July 2008. Industrial supply and material imports were the highest since August 2008. Food, feed and beverage imports reached a record high.
Exports dipped by $1.0 billion, or 0.5%, to $174.9 billion, the first decline in exports since February. Exports of capital goods reached an all-time high for the month. Exports of industrial supplies and materials; foods, feeds and beverages and auto supplies all decreased.
Economists expected a $44.0 billion deficit, according to the median estimate from Thomson Reuters.
Crude oil imports averaged 8.88 million barrels daily as the price for a barrel of oil increased to $108.70, the highest since August 2008. Additionally, imports from the Oil Producing Export Countries, or OPEC, increase to the highest level since August 2008.
Imports from Japan fell for the second month in a row, declining 5.8%. Imports from China rose 10.9% in May.
