The US trade deficit in goods and services was US$71.2bn in May, up $2.2bn from $69.1bn in April, revised, according to trade statistics released by the Department of Commerce.
Exports were $206bn – $1.3bn more than April exports – while imports were $277.3bn, $3.5bn more than those in April.
Go deeper with GlobalData
Year-to-date, the goods and services deficit increased $110.9bn, or 45.8%, from the same period in 2020. Exports grew $101.6bn or 11.4%, while imports increased $212.5bn or 18.7%.
The May increase in the goods and services deficit reflected an increase in the goods deficit of $2.3bn to $89.2bn and an increase in the services surplus of $0.1bn to $17.9bn.
The largest deficit was recorded with China at $27.2bn, followed by the European Union at $18.5bn, and Mexico at $7.7bn. Deficits were also recorded with Germany ($6.2bn), Japan ($5.9bn), Canada ($4.8bn), Taiwan ($3.3bn), Italy ($3.2bn), India ($2.5bn), South Korea ($2.3bn), France ($1.5bn), and Saudi Arabia ($0.3bn).
Surpluses for the month of May meanwhile, were recorded with South and Central America ($4bn), Hong Kong ($2.7bn), Brazil ($1.2bn), United Kingdom ($1bn), and Singapore ($0.1bn).
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
