The U.S. international trade deficit in goods and services rose to $71.5 billion in May, an increase of $11.3 billion from April’s revised figure of $60.3 billion, according to data released Thursday by the U.S. Census Bureau and the Bureau of Economic Analysis.
The deterioration in the trade balance was driven primarily by a sharp decline in exports, which fell $11.6 billion to $279.0 billion. Imports edged down by $0.3 billion to $350.5 billion.
The goods deficit expanded by $11.2 billion to $97.5 billion, while the surplus in services narrowed slightly by $0.1 billion to $26.0 billion.
On a year-to-date basis, the trade deficit has widened by $175.0 billion, or 50.4%, compared to the same period in 2024. Exports grew by $73.6 billion (5.5%), while imports surged $248.7 billion (14.8%).
Exports of goods decreased by $11.4 billion to $180.2 billion in May. Industrial supplies and materials led the decline, down $10.0 billion, driven by a $5.5 billion fall in nonmonetary gold and a $1.1 billion drop in natural gas exports. Capital goods exports fell $1.9 billion, with notable decreases in semiconductors (-$0.6 billion) and civilian aircraft engines (-$0.5 billion).
Some gains were recorded in consumer goods exports, which rose $1.5 billion, including a $1.1 billion increase in pharmaceutical preparations.
Services exports dipped by $0.2 billion to $98.8 billion, led by decreases in travel (-$0.3 billion) and transport (-$0.2 billion), partly offset by modest increases in intellectual property charges and other business services.
Goods imports declined marginally by $0.2 billion to $277.7 billion. Consumer goods imports fell $4.0 billion, despite a $2.5 billion increase in pharmaceutical preparations. Imports of industrial supplies and materials were down $0.9 billion, while automotive imports rose $3.4 billion, led by a $3.1 billion increase in passenger car imports.
Capital goods imports were up $0.3 billion overall, although computers rose sharply ($4.4 billion) and computer accessories declined significantly (-$2.8 billion).
Imports of services edged down $0.1 billion to $72.8 billion, as decreases in transport (-$0.4 billion) and travel (-$0.2 billion) were offset by small gains in business and repair services.
The three-month average trade deficit fell to $90.0 billion for the period ending in May, down $16.8 billion from the previous period. Average exports held steady at $283.5 billion, while imports declined to $373.6 billion.
Despite the monthly fluctuation, the average trade deficit for the same three-month period in 2024 was $71.2 billion, indicating an $18.8 billion year-over-year increase.
Full details and statistical tables are available from the Census Bureau and BEA under release number CB25-102 / BEA 25-28. [Link]
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