ISTANBUL

The US trade deficit rose 0.8% to $75.1 billion in May -- the highest since October 2022, according to the Commerce Department's Census Bureau on Wednesday.

The expectation for the figure was to show a deficit of $76.3 billion.

The figure for April was revised to $74.5 billion from $74.6 billion.

Exports in May were $261.7 billion, $1.8 billion less than in April; while imports were approximately $336.7 billion -- $1.2 billion less than the previous month.

"The May increase in the goods and services deficit reflected an increase in the goods deficit of $0.9 billion to $100.2 billion and an increase in the services surplus of $0.3 billion to $25.1 billion," the Census Bureau said in a statement.

"Year-to-date, the goods and services deficit increased $14.4 billion, or 4.2 percent, from the same period in 2023. Exports increased $42.8 billion or 3.4 percent. Imports increased $57.2 billion or 3.6 percent," it added.