The U.S. Census Bureau and the U.S. 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.
Exports, Imports, and Balance (exhibit 1)
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.
Three-Month Moving Averages (exhibit 2)
The average goods and services deficit decreased $0.4 billion to $68.0 billion for the three months ending in May.
Average exports decreased $2.2 billion to $251.5 billion in May.
Average imports decreased $2.6 billion to $319.5 billion in May.
Year-over-year, the average goods and services deficit decreased $22.9 billion from the three months ending in May 2022.
Average exports increased $0.3 billion from May 2022.
Average imports decreased $22.6 billion from May 2022. Read More→
https://www.bea.gov/news/2023/us-international-trade-goods-and-services-may-2023
