Source: Census Bureau
The US recorded a goods and services trade deficit of $71.2 billion in May, up $2.2 billion or 3.1% from April’s $69.1 billion.
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- Trade deficits were fueled by 1.3% increases in imports, which hit $277.3 billion in May. Exports rose by 0.6% to $206.0 billion.
- Goods deficit rose by $2.3 billion to $89.2 billion, while services surplus rose by $0.1 billion to $17.9 billion.
- Goods and services deficit rose by $110.9 billion year to date, with imports increasing by $18.7% or $212.5 billion. Exports only rose by 11.4%, or $101.6 billion in the same period.
- On a three-month average, the trade deficit rose by $0.2 billion to $71.8 billion, with imports surging by $6.0 billion, eclipsing $5.8 billion rises in exports.
- Trade deficit on a three-month average rose by $20.1 billion year over year.