The deficit amounted to US$85.5bn in May, down US$1.1bn from US$86.7bn in April, revised, according to trade statistics released by the Department of Commerce. 

Exports were $255.9bn, $3bn more than April exports, while imports were $341.4bn, up $1.9bn than those in April.

The May decrease in the goods and services deficit reflected a decrease in the goods deficit of $2.9bn to $105bn and a decrease in the services surplus of $1.7bn to $19.4bn.

Year-to-date, the goods and services deficit increased $126.5bn, or 38.4%, from the same period in 2021. Exports increased $197.1bn or 19.4%. Imports increased $323.6bn or 24%.

The largest deficit was recorded with China at US$32.2bn, followed by the European Union as US$17.1bn, and Vietnam at US$11.1bn. Deficits were also recorded with Mexico (US$9.9bn), Canada (US$9.8bn), Germany (US$6.1bn), Ireland (US$6bn), Japan (US$5.9bn), South Korea (US$4.1bn), Taiwan (US$3.9bn), Italy (US$3.8bn), India (US$3.7bn), Malaysia (US$2.9bn), Switzerland (US$1.9bn), Saudi Arabia (US$1.4bn), France (US$0.6bn), and Israel (US$0.4bn).

Surpluses for the month of May, meanwhile, were recorded with South and Central America (US$7.1bn), Netherlands (US$2.5bn), Hong Kong (US$2bn), United Kingdom (US$1.6bn), Brazil (US$1.5bn), Singapore (US$1.4bn), Belgium (US$1.1bn), and Australia (US$1bn).

Prior to the revision, the US international trade deficit in goods and services was reported at US$87.1bn in April, falling by more than 19% after topping US$100bn for what was understood to be the first time a month prior.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

Just Style Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Style Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now