US trade deficit drops to $44.4 billion in May

WASHINGTON – The U.S. trade deficit fell in May as U.S. exports hit an all-time high, helped by a jump in exports of petroleum products. The trade deficit narrowed 5.6 percent in May to $44.4 billion after hitting a two-year high of $47 billion in April, the Commerce Department reported Thursday. Exports of goods and services rose 1 percent to a record $195.5 billion in May while imports fell a slight 0.3 percent to $239.8 billion.