Economic Buzz: US trade deficit up to $77.6 billion in May

The United States trade deficit in goods and services saw a monthly increase of $23 billion or 42.2% to $77.6 billion in May, the country's Census Bureau and Bureau of Economic Analysis (BEA) said in their report published on Tuesday.

Exports from the US declined by 3.2% or $10.5 billion month-on-month to $317.7 billion. On the other hand, imports to the country rose by 3.3% or $12.5 billion to $395.3 billion.

On an annual basis, the overall trade deficit decreased by 40.6% or $203.9 billion. Exports went up by 11.7% or $164.7 billion. Meanwhile, imports dropped by 2.1% or $39.2 billion.

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