The official U.S. International Trade Deficit widened sharply to $77.6 billion in May, a massive 42.2% surge from the revised $54.6 billion deficit recorded in April.
The U.S. Bureau of Economic Analysis (BEA) and Census Bureau report shows that a sharp drop in nominal exports combined with surging import demand drove the gap significantly wider.
📉 Breakdown of the Final Numbers
- Total Imports: Swelled by 3.3% to $395.3 billion.
- Total Exports: Shrank by 3.2% to $317.7 billion.
- The Goods Deficit: Jumped by $23.6 billion to reach $106.5 billion. This was driven heavily by an $11.6 billion plunge in merchandise exports, notably dragged down by an exit of nonmonetary gold (-$6.2B) and industrial supplies (-$5.5B).
- The Services Surplus: Offered a minor offset, increasing by $0.6 billion to $28.9 billion.
Major Trading Partner Gaps (Deficits)
- Vietnam: $20.6 billion
- Mexico: $20.1 billion (widened by $5.3B from April)
- Taiwan: $19.4 billion
- China: $14.5 billion
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