May Trade Deficit Narrowed by $5.5 Billion, Down by $102 Billion YTD

Washington, DC, July 6, 2023-The goods and services deficit was $69.0 billion in May, down $5.5 billion from $74.4 billion in April, revised, the U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced.

May exports were $247.1 billion, $2.1 billion less than April exports. May imports were $316.1 billion, $7.5 billion less than April imports.

The May decrease in the goods and services deficit reflected a decrease in the goods deficit of $4.8 billion to $91.3 billion and an increase in the services surplus of $0.7 billion to $22.3 billion.

Year-to-date, the goods and services deficit decreased $101.7 billion, or 22.8%, from the same period in 2022. Exports increased $48.0 billion or 3.9%. Imports decreased $53.7 billion or 3.2%.