US International Trade Deficit Decreased in May 2022

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The US Census Bureau and the US Bureau of Economic Analysis said today that the goods and services deficit was $85.5 billion in May, down $1.1 billion from $86.7 billion in April, revised. 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. The average goods and services deficit decreased $0.9 billion to $93.3 billion for the three months ending in May. 

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Year-to-date, the goods and services deficit increased $126.5 billion, or 38.4%, from the same period in 2021. Exports increased $197.1 billion or 19.4%. Imports increased $323.6 billion or 24.0%.

Goods by Selected Countries,

The May figures show surpluses, in billions of dollars, with South and Central America ($7.1), Netherlands ($2.5), Hong Kong ($2.0), United Kingdom ($1.6), Brazil ($1.5), Singapore ($1.4), Belgium ($1.1), and Australia ($1.0). Deficits were recorded, in billions of dollars, with China ($32.2), European Union ($17.1), Vietnam ($11.1), Mexico ($9.9), Canada ($9.8), Germany ($6.1), Ireland ($6.0), Japan ($5.9), South Korea ($4.1), Taiwan ($3.9), Italy ($3.8), India ($3.7), Malaysia ($2.9), Switzerland ($1.9), Saudi Arabia ($1.4), France ($0.6), and Israel ($0.4).

• The deficit with China decreased $2.8 billion to $32.2 billion in May. Exports increased $0.5 billion to $12.5 billion and imports decreased $2.3 billion to $44.7 billion.
• The deficit with Mexico decreased $1.6 billion to $9.9 billion in May. Exports increased $0.8 billion to $28.7 billion and imports decreased $0.7 billion to $38.6 billion.
• The deficit with Canada increased $0.9 billion to $9.8 billion in May. Exports decreased $1.1 billion to $29.5 billion and imports decreased $0.2 billion to $39.3 billion.

Inevitable Footnotes

All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in Exhibits 1-20b. For information on data sources, definitions, and revision procedures, see the explanatory notes in this release. The full release can be found at www.census.gov/foreign-trade/Press-Release/current press release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services.