Mubasher: The US trade deficit in goods expanded by 5.1% to $74.5 billion last May, according to an official advance report released on Wednesday.

This came well above a $70.9 billion gap seen in April, the US Commerce Department’s Census Bureau said.

The trade deficit also widened by around $9 billion year-on-year in May.

US imports grew by $7.8 billion to $214.7 billion last month, on higher auto and industrial supplies.

Meanwhile, US exports to the rest of the world totalled $140.2 billion in May, rising by $4.1 billion, led by more shipments of food and consumer goods.

On a side note, wholesale inventories advanced by 0.4% to $678.7 billion, while retail stockpiles rose by 0.5% to $664.5 billion.

By 1:32 pm GMT, the US dollar index rose by 0.14% to 96.28, while the EUR/USD pair edged down by 0.13% to $1.1352.