May US Trade in Goods and Services

 The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $75.1 billion in May, up $0.6 billion from $74.5 billion in April, revised. 

 Exports, Imports, and Balance 

May exports were $261.7 billion, $1.8 billion less than April exports. May imports were $336.7 billion, $1.2 billion less than April imports. 

The May increase in the goods and services deficit reflected an increase in the goods deficit of $0.9 billion to $100.2 billion and an increase in the services surplus of $0.3 billion to $25.1 billion. 

Year-to-date, the goods and services deficit increased $14.4 billion, or 4.2 percent, from the same period in 2023. Exports increased $42.8 billion or 3.4 percent. Imports increased $57.2 billion or 3.6 percent. 

• The deficit with China increased $1.9 billion to $23.9 billion in May. Exports decreased $0.5 billion to $11.7 billion and imports increased $1.3 billion to $35.6 billion. 

• The deficit with Mexico increased $1.3 billion to $14.1 billion in May. Exports decreased $0.7 billion to $27.4 billion and imports increased $0.7 billion to $41.6 billion. 

• The deficit with Ireland decreased $3.0 billion to $5.7 billion in May. Exports increased $0.1 billion to $1.6 billion and imports decreased $2.9 billion to $7.3 billion.   Over half of US $83B imports in 2023 from Ireland were Pharmaceutical Products ($36B) and Organic Chemicals ($20B).