Foreign Trade Deficit Expanded in May

The U.S. international trade deficit increased in May to $41.1 billion, up $3.8 billion from April, according to the U.S. Census Bureau and the Bureau of Economic Analysis. The widening of the deficit was driven by a $3.4 billion increase in imports and a $0.3 billion decrease in exports.

The goods deficit increased $3.7 billion to $62.2 billion, while the services surplus declined $0.1 billion to $21.1 billion. The petroleum deficit narrowed by $0.3 billion to $7.2 billion.

Exports of goods fell $0.2 billion to $119.8 billion, driven by a decrease in capital goods and automotive vehicles and parts. Exports of services fell $0.1 billion to $62.5 billion due to declines in travel exports.

Imports of goods rose $3.4 billion to $182.1 billion, primarily due to an increase in industrial supplies and materials. Imports of services were unchanged at $41.4 billion in May.

Read the Census/BEA release.

About Tim Nicholson

Tim Nicholson
Tim Nicholson is an economic research associate at ABA.
More from Tim Nicholson >