U.S. trade deficit ticks up in May

The United States trade deficit for goods and services reached $41.9 billion in May, the U.S. Commerce Department said Tuesday.    The United States trade deficit for goods and services reached $41.9 billion in May, an increase of $1.2 billion from April, the U.S. Commerce Department said Tuesday. The growth of the deficit reflected an increase in the goods deficit of $1.2 billion to $61.5 billion, while difference between foreign sales and purchases of services was flat.
   According to an investment note from Wells Fargo, the increase was still about $1 billion lower than the market consensus forecast.
   Analysts attributed the increase primarily to weak exports, which were hampered by a strong U.S. dollar making U.S. goods less competitive overseas. Imports were relatively flat for the month.
   Year-to-date the United States the goods and services deficit is $1.1 billion, 0.5 percent more than the same period last year.
   A country’s balance of trade, also referred to as trade balance or international trade balance, is the the difference in value between its imports and its exports. In the case of the United States, it is commonly referred to as the trade deficit because the U.S. hasn’t had a trade surplus, when the value of a country’s exports exceeds that of its imports, in many years.