Economic Buzz: US trade deficit widens in May

A report released by the Commerce Department on Thursday showed the U.S. trade deficit widened in the month of May amid a steep drop by the value of exports.

The Commerce Department said the trade deficit climbed to $71.5 billion in May from a revised $60.3 billion in April.

The wider trade deficit came as the value of exports tumbled by 4.0 percent to $279.0 billion in May after surging by 3.4 percent to $290.6 billion in April.

The report showed a steep drop in exports of industrial supplies and materials as well as a decrease in exports of capital goods, while exports of consumer goods increased.

Meanwhile, the Commerce Department said the value of imports edged down by 0.1 percent to $350.5 billion in May after plummeting by 16.4 percent to $350.8 billion in April.

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