US trade deficit expands in May

The U.S. goods trade deficit widened sharply in May, increasing by 27.4% to $105.8 billion, driven by a $10.9 billion rise in imports and an $11.8 billion decline in exports. This has exerted pressure on gross domestic product growth, which is currently estimated at an annual rate of around 2.5%. The rise in imports is attributed to companies' efforts to avoid supply shortages and rising prices due to the conflict in the Middle East.

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