US foreign trade deficit worsens again as economy reopens

America's shortfall on trade with the rest of the world widened in May as strong domestic demand and the improved epidemiological situation stoked import demand.

According to the Department of Commerce, the total US foreign trade deficit widened at a month-on-month pace of 3.1% to reach $71.2bn (consensus: $70.9bn).

Exports strengthened by 0.6% versus April to $206.0bn, while imports rose by 1.3% to $277.3bn.

Crude oil imports saw the biggest increase, of $0.8bn, followed by those of computers which grew by $1.3bn.

For its part, the deficit on trade in goods increased by $2.3bn to $89.2bn while the surplus on trade in services was up by $0.1bn to $17.9bn.