With imports increasing by much more than exports, the Commerce Department released a report on Friday showing the U.S. trade deficit widened in the month of May.
The Commerce Department said the trade deficit widened to $71.2 billion in May from a revised $69.1 billion in April.
Economists had expected the trade deficit to widen $71.4 billion from the $68.9 billion originally reported for the previous month.
The wider trade deficit came as the value of imports jumped by 1.3 percent to $277.3 billion, while the value of exports rose by 0.6 percent to $206.0 billion.
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