The US Census Bureau and the US Bureau of Economic Analysis announced today that the goods and services deficit was $69.0 billion in May, down $5.5 billion from $74.4 billion in April, revised.
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 percent, from the same period in 2022. Exports increased $48.0 billion or 3.9 percent. Imports decreased $53.7 billion or 3.2 percent.
The May figures show surpluses, in billions of dollars, with South and Central America ($4.2), Netherlands ($3.9), Belgium ($1.7), Hong Kong ($1.6), Australia ($1.2), United Kingdom ($1.2), Brazil ($1.0), Singapore ($0.3), and Saudi Arabia ($0.1).
Deficits were recorded, in billions of dollars, with China ($24.9), European Union ($16.5), Mexico ($13.5), Vietnam ($8.1), Germany ($6.9), Ireland ($5.4), Canada ($5.3), Japan ($5.0), Italy ($3.9), South Korea ($3.8), Taiwan ($3.8), India ($3.2), Switzerland ($2.6), Malaysia ($2.2), France ($1.9), and Israel ($0.9).