WASHINGTON -- The U.S. international trade deficit was $45.0 billion in May, a $4.9 billion or 12.1% increase from the revised $40.1 billion deficit in April and the largest dollar and percentage gain in two years, the Commerce Department reported Wednesday.
The April trade balance was originally reported as a $40.3 billion deficit.
The May deficit was larger than the median $40.1 billion figure estimated by economists polled by Thomson Reuters, and resulted from total exports of $187.6 billion and imports of $227.7 billion.
The trade deficit was $1.2 billion lower in May than the same month in 2012, Commerce reported. Exports were up $2.8 billion or 1.5%, and imports were up $1.6 billion or 0.7%, from the previous year.
On a month-over-month basis, the goods deficit rose $5.0 billion to $63.4 billion, while the services surplus increased $200 million to $18.4 billion.
Exports of goods fell $900 million to $130.3 billion, while imports of goods increased $4.2 billion to $193.7 billion. Exports of services rose $400 million to a record $56.8 billion and imports of services increased $200 million to a record $38.4 billion.
For the goods balance, the May nonpetroleum deficit of $41.58 billion was the highest since September 2007, Commerce said. May exports of automotive vehicles, parts, and engines were a record $13.1 billion, while exports of foods, fees and beverages were $9.8 billion, the lowest since September 2010. May imports involved several record highs -- automotive vehicles, parts, and engines at $26 billion, foods, feeds and beverages at $9.9 billion, and nonpetroleum products at $160.5 billion.
The year to date international trade deficit through May stood at $208.8 billion.
