Research >> Economics
Goods and Services Deficit Decreased in May 2022
The nation's international trade deficit in goods and services decreased to $85.5 billion in May from $86.7 billion in April (revised), as exports increased more than imports. The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $85.5 billion in May, down $1.1 billion from $86.7 billion in April, revised.
Exports, Imports, and Balance
May exports were $255.9 billion, $3.0 billion more than April exports. May imports were $341.4 billion, $1.9 billion more than April imports. The May decrease in the goods and services deficit reflected a decrease in the goods deficit of $2.9 billion to $105.0 billion and a decrease in the services surplus of $1.7 billion to $19.4 billion. Year-to-date, the goods and services deficit increased $126.5 billion, or 38.4 percent, from the same period in 2021. Exports increased $197.1 billion or 19.4 percent. Imports increased $323.6 billion or 24.0 percent.
Three-Month Moving Averages
The average goods and services deficit decreased $0.9 billion to $93.3 billion for the three months ending in May.
•Average exports increased $7.7 billion to $251.0 billion in May.
•Average imports increased $6.9 billion to $344.2 billion in May.
Year-over-year, the average goods and services deficit increased $26.5 billion from the three months ending in May 2021.
•Average exports increased $42.5 billion from May 2021.
•Average imports increased $69.0 billion from May 2021.
Posted: July 7, 2022 Thursday 08:30 AM