US trade deficit expands less than expected in May: govt [Video]
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US trade deficit expands less than expected in May: govt [Video]

The US trade gap grew slightly less than expected in May, to the widest level since late 2022, government data showed on Wednesday, as exports and imports both slipped.

The overall deficit grew to $75.1 billion, from a revised $74.5 billion in April, said the Commerce Department.

While this was the largest since October 2022, analysts had initially expected the gap to be the biggest in two years.

Even though US consumption has been resilient in the face of higher interest rates, domestic demand has lost steam and there have been concerns that export growth would weaken.

Exports fell more than imports in May, with outbound shipments coming in at $261.7 billion — down by $1.8 billion from April.

This came as exports of industrial supplies and materials fell by $2.1 billion.

Imports were $1.2 billion less than in April, at $336.7 billion, the report added.

Among segments, imports of …

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