U.S. trade deficit up 15 pct in May

09:44, July 13, 2011      

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U.S. trade deficit rose more than 15.1 percent in May to the highest level in more than two years advanced by spiking oil prices, reported the Commerce Department on Tuesday.

In May, the world largest economy exported 174.9 billion U.S. dollars, about 1 billion dollars less than the previous month.

In May, imports rose by 5.6 billion dollars from April to 225.1 billion dollars, resulting in a goods and services deficit of 50.2 billion dollars.

U.S. President Barack Obama vowed in 2010 to double the country's export in five years and create about 2 million jobs within the United States.

The Obama administration is endeavoring to fulfill the goal which means an average of 15 percent increase in export annually.

Source: Xinhua
 
 
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