Background

The monthly U.S. trade deficit in goods and services fell 7.4 percent in May, a month after the largest increase in eight years, as imports and exports both declined. For the year to date the total U.S. trade deficit is down 22.8 percent for the same period in 2022, with exports up 3.9 percent and imports down 3.2 percent.

Imports dropped 2.3 percent, to $316.1 billion, from April to May. Imports of goods were down 2.7 percent to $256.1 billion, with decreases of $2.9 billion for drugs, $1.2 billion for cell phones and other household goods, and $1.0 billion for non-monetary gold along with an increase of $1.3 billion for capital goods. Services imports slid 0.5 percent to $60.0 billion.

Exports lost 0.8 percent in May to $247.1 billion. Exports of goods were down 1.5 percent to $164.8 billion, with decreases of $2.2 billion for soybeans, $800 million for crude oil, and $500 million for other petroleum products along with an increase of $800 million for passenger cars. Services exports were up 0.5 percent to a record $82.3 billion.

With exports and imports both down, the monthly U.S. trade deficit decreased from $74.4 billion in April to $69.0 billion in May. The deficit in goods trade was down 5.0 percent to $91.3 billion while the services trade surplus gained 3.2 percent to $22.3 billion.

Country/region

Deficit

% Change

Surplus

% Change

China

$24.9 billion

+2.9

 

 

European Union

$16.5 billion

-4.6

 

 

Mexico

$13.5 billion

+3.8

 

 

Vietnam

$8.1 billion

-4.7

 

 

Germany

$6.9 billion

-9.2

 

 

Ireland

$5.4 billion

+8.0

 

 

Canada

$5.3 billion

-13.1

 

 

Japan

$5.0 billion

-26.5

 

 

Italy

$3.9 billion

+2.6

 

 

South Korea

$3.8 billion

-11.6

 

 

Taiwan

$3.8 billion

+8.6

 

 

India

$3.2 billion

-8.6

 

 

Switzerland

$2.6 billion

-42.2

 

 

Malaysia

$2.2 billion

+4.3

 

 

France

$1.9 billion

+58.3

 

 

Israel

$0.9 billion

+50.0

 

 

South/Central America

 

 

$4.2 billion

+2.4

Netherlands

 

 

$3.9 billion

-7.1

Belgium

 

 

$1.7 billion

-10.5

Hong Kong

 

 

$1.6 billion

0

Australia

 

 

$1.2 billion

+20.0

United Kingdom

 

 

$1.2 billion

+33.3

Brazil

 

 

$1.0 billion

+42.9

Singapore

 

 

$0.3 billion

Shift from $0.7 billion deficit

Saudi Arabia

 

 

$0.1 billion

Shift from $0.4 billion deficit

 

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