The US trade deficit surged to $77.6 billion in May

New York, July 7 (Xinhua) -- Data released by the US Department of Commerce shows that due to the increase in the goods trade deficit, the US goods and services trade deficit in May was 77.6 billion US dollars, a significant increase of 23 billion US dollars compared to the previous month, with a growth rate of 42%.

Data shows that the export value of goods and services from the United States in May was $3177, a decrease of 3.2% compared to the previous month, while the import value was $395.3 billion, an increase of 3.3% compared to the previous month. Among them, the trade deficit in goods for the month increased by $23.6 billion to $106.5 billion; The trade surplus in services increased slightly by $600 million month on month to $28.9 billion.

The data also shows that due to a month on month decline in exports of industrial raw materials, capital goods, and consumer goods, US commodity exports decreased by $11.3 billion in May. Non monetary gold and other precious metal exports decreased by $6.2 billion and $1.3 billion, respectively. Due to the increase in imports of consumer goods, industrial raw materials, automotive components, capital goods, and other commodities compared to the previous month, the amount of goods imported in May increased by $12.3 billion compared to the previous month.

Among its major trading partners, the trade deficit between the United States and Switzerland increased from a surplus of $4.4 billion in April to a deficit of $2.3 billion in May. In May, the trade deficit with Mexico increased by $5.3 billion to $20.1 billion, second only to the $20.6 billion trade deficit between the United States and Vietnam that month.