The US goods and services trade deficit widened sharply to $71.5 billion in May, rising by $11.3 billion from a revised $60.3 billion in April, according to data released by the US Census Bureau and Bureau of Economic Analysis.
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Exports fell by $11.6 billion to $279.0 billion, while imports slightly decreased by $0.3 billion to $350.5 billion. The increase in the overall deficit was mainly driven by a $11.2 billion rise in the goods deficit, which reached $97.5 billion. The services surplus shrank marginally by $0.1 billion to $26.0 billion.
On a year-to-date basis, the trade deficit surged by $175.0 billion, a 50.4% increase compared to the same period in 2024. During this time, exports grew by $73.6 billion, or 5.5%, while imports rose significantly by $248.7 billion, or 14.8%.
The figures highlight ongoing challenges in balancing trade flows, with imports continuing to outpace exports despite some growth in outbound shipments.
Source: www.floordaily.net