Oil imports drove May trade Deficit to $50.2B

By the Associated Press | July 12, 2011 | 8:44 AM EDT

WASHINGTON (AP) — The U.S. trade deficit surged in May to the highest level in more than two and a half years, driven upward by a big increase in oil imports.

The Commerce Department says the deficit increased 15.1 percent to $50.2 billion in May. That's the largest imbalance since October 2008.

Exports declined 0.5 percent to $174.9 billion. Imports rose 2.6 percent to $225.1 billion.