The U.S. Bureau of Economic Analysis announced today that the U.S. trade deficit expanded again in May.

The deficit rose to $42.8 billion, the highest level since November 2008. The European debt crisis and less growth in China reduced demand for American products overseas, causing the trade deficit to expand, Bloomberg reported. The trade deficit was $40.3 billion in April.

U.S. imports increased to $194.5 billion in May, led by increases in industrial supplies and materials and capital goods. Exports rose to $152.2 billion from $148.7 billion, but could not offset the increase in imports. Since last May, exports have risen about $27 billion, but imports rose about $44 billion in the same period.

“Consumer spending hasn’t petered out yet and neither has business spending,” Jay Bryson, senior global economist at Wells Fargo Securities LLC, told Bloomberg. Still, “you do have growth in some of the major trading partners slowing down, particularly in Europe, coupled with the stronger dollar. All those things will help slow export growth.”