Exports Hit Record High, Trade Deficit Falls for Third Straight Month

The U.S. trade deficit in goods and services fell another 6.5 percent in May to $43.1 billion, its third straight monthly decline, according to trade statistics released by the Department of Commerce. Exports jumped 1.9 percent to a record $215.3 billion while imports rose 0.4 percent to $258.4 billion.

For the year to date, the total deficit is up 7.9 percent from 2017. Exports have risen 8.8 percent over the same period as a year earlier while imports have increased 8.6 percent.  

The deficit in goods trade dropped 3.8 percent to $65.8 billion in May. Imports of goods were up 0.5 percent to $210.7 billion, including increases of $600 million in telecommunications equipment, $400 million in computers, and $300 million in civilian aircraft parts along with a $600 million decrease in pharmaceutical preparations. Exports of goods grew 2.6 percent to $144.9 billion, including increases of $2.0 billion in soybeans and $1.9 billion in civilian aircraft along with a $900 million decrease in other petroleum products.

The services surplus moved ahead 2.3 percent to $22.7 billion as imports slipped 0.2 percent to $47.7 billion and exports gained 0.6 percent to $70.4 billion.