The U.S. trade deficit in goods and services resumed its recent upward climb in May with a 3.2 percent increase as the U.S. economy continued its post-COVID recovery. According to trade statistics from the Department of Commerce, the monthly trade deficit of $71.2 billion reflected a 0.6 percent increase in exports to a record $206.0 billion and a 1.3 percent increase in imports to $277.3 billion. The year-to-date deficit was up 45.8 percent from May 2020 (when trade volumes were significantly lower at the outset of the COVID-19 pandemic) as exports increased 11.4 percent and imports gained 18.7 percent.
The deficit in goods trade increased 2.6 percent in May to $89.2 billion, the second-largest on record. Imports of goods rose 1.2 percent to $234.7 billion, including increases of $800 million in crude oil and $600 million in fuel oil along with decreases of $1.3 billion in computers and $600 million in telecommunications equipment. Exports of goods gained 0.3 percent to a record-high $145.5 billion, including increases of $800 million in pharmaceutical preparations and $400 million in semiconductors along with decreases of $1.4 billion in civilian aircraft and $400 million in passenger cars.
The services surplus inched up 0.6 percent to $17.9 billion, with imports up 1.7 percent to $42.6 billion and exports up 1.5 percent to $60.5 billion.
|
Country/region
|
Deficit
|
% Change
|
Surplus
|
% Change
|
|
China
|
$27.2 billion
|
-16.0
|
|
|
|
European Union
|
$18.5 billion
|
+14.9
|
|
|
|
Mexico
|
$7.7 billion
|
-23.0
|
|
|
|
Germany
|
$6.2 billion
|
+21.6
|
|
|
|
Japan
|
$5.9 billion
|
+9.3
|
|
|
|
Canada
|
$4.8 billion
|
+60.0
|
|
|
|
Taiwan
|
$3.3 billion
|
+3.1
|
|
|
|
Italy
|
$3.2 billion
|
+10.3
|
|
|
|
India
|
$2.5 billion
|
-3.8
|
|
|
|
South Korea
|
$2.3 billion
|
+91.7
|
|
|
|
France
|
$1.5 billion
|
-21.1
|
|
|
|
Saudi Arabia
|
$0.3 billion
|
Shift from $0.3 billion surplus
|
|
|
|
South/Central America
|
|
|
$4.0 billion
|
+21.2
|
|
Hong Kong
|
|
|
$2.7 billion
|
-10.0
|
|
Brazil
|
|
|
$1.2 billion
|
+9.1
|
|
United Kingdom
|
|
|
$1.0 billion
|
+66.7
|
|
Singapore
|
|
|
$0.1 billion
|
-87.5
|
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