The US trade deficit remained near record levels in May at $41.84 billion, the US Commerce Department said today.
The trade gap was the third highest on record and only slightly wider than the revised estimate of $41.65 billion for April. The May tally was in line with an average estimate of $41.50 billion made by analysts before the report.
The figures come as US exports struggled to show growth and record demand for foreign oil helped push imports slightly higher.
US crude oil imports increased to a record 320.5 million barrels, while average prices following the swift US-led victory against Iraq fell for the third consecutive month to $24.11 per barrel. They were also the lowest since July 2002.
The price drop trimmed $800 million from the monthly import value, despite the record volume. Overall imports rose slightly to $123.89 billion, led by increased demand for foreign cars, auto parts and capital goods.
US exports rose slightly to $82.05 billion - led by capital goods, cars, auto parts and industrial supplies.