With the value of exports falling by much more than the value of imports, the Commerce Department released a report on Thursday showing the U.S. trade deficit widened more than expected in the month of May.
The Commerce Department said the trade deficit widened to $54.6 billion in May from a revised $49.8 billion in April.
Economists had expected the trade deficit to widen to $53.0 billion from the $49.4 billion originally reported for the previous month.
The wider than expected trade deficit came as the value of exports plunged by 4.4 percent to $144.5 billion, while the value of imports slid by 0.9 percent to $199.1 billion.
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