Background

The monthly U.S. trade deficit in goods and services fell again in May as both exports and imports saw small gains.

According to statistics from the Department of Commerce, imports rose 0.6 percent from April to May, to $341.4 billion. Imports of goods were virtually unchanged at $284.0 billion but saw increases of $1.0 billion for drugs and $900 million for crude oil along with decreases of $800 million for organic chemicals, $600 million for gem diamonds, and $400 million for cotton apparel and household goods. Imports of services rose 3.2 percent to $57.5 billion. For the year-to-date, total imports were up 24.0 percent from May 2021.

Exports saw a 1.2 percent increase to a record-high $255.9 billion. Exports of goods were up 1.7 percent, including increases of $1.1 billion in crude oil, $1.0 billion in drugs, and $1.0 billion in non-monetary gold along with decreases of $1.9 billion for soybeans and $700 million for fuel oil. Services exports edged up to $76.9 billion. For the year-to-date, total exports were up 19.4 percent from a year earlier.

With exports and imports both higher, the monthly U.S. trade deficit fell 1.3 percent in May to $85.5 billion. The deficit in goods trade declined 2.7 percent to $105.0 billion while the services trade surplus tumbled 8.1 percent to $19.4 billion. For the year-to-date, the overall trade deficit was up 38.4 percent from May 2021.

Country/region

Deficit

% Change

Surplus

% Change

China

$32.2billion

-17.2

 

 

European Union

$17.1 billion

+0.1

 

 

Vietnam

$11.1 billion

0

 

 

Mexico

$9.9 billion

-13.9

 

 

Canada

$9.8 billion

+12.6

 

 

Germany

$6.1 billion

+17.3

 

 

Ireland

$6.0 billion

0

 

 

Japan

$5.9 billion

+5.4

 

 

South Korea

$4.1 billion

+5.1

 

 

Taiwan

$3.9 billion

0

 

 

Italy

$3.8 billion

+15.2

 

 

India

$3.7 billion

-2.6

 

 

Malaysia

$2.9 billion

-6.5

 

 

Switzerland

$1.9 billion

-34.5

 

 

Saudi Arabia

$1.4 billion

+55.6

 

 

France

$0.6 billion

-64.7

 

 

Israel

$0.4 billion

-33.3

 

 

South/Central America

 

 

$7.1 billion

-7.8

Netherlands

 

 

$2.5 billion

-16.7

Hong Kong

 

 

$2.0 billion

-9.1

United Kingdom

 

 

$1.6 billion

+60.0

Brazil

 

 

$1.5 billion

-37.5

Singapore

 

 

$1.4 billion

+133.3

Belgium

 

 

$1.1 billion

+83.3

Australia

 

 

$1.0 billion

-28.6

 

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