ISTANBUL

The US trade deficit for goods increased 2.7% to $100.6 billion in May, according to data released Thursday.

The figure, which is the difference between imported and exported goods, is the largest on record since May 2023.

The trade deficit for goods rose $2.7 billion from $98 billion in April, the Commerce Department's Census Bureau said in a report. The April figure was revised down from $99.4 billion.

The expectation for the May figure was to come in at $96 billion.

In May, exports of goods totaled $166.7 billion, which was $4.6 billion less than in April.

Last month, imports of goods were approximately $267.3 billion – $2 billion less than the previous month.