Overview
- The U.S. goods-and-services trade deficit rose 42.2% in May to $77.585 billion as imports climbed and exports fell.
- Imports increased 3.3% to $395.263 billion while exports declined 3.2% to $317.677 billion, according to the Commerce Department.
- Crude oil and petroleum-product exports hit record highs after alternate procurement replaced disrupted Middle Eastern supplies through the Strait of Hormuz.
- Exports to Japan also set a record in May even as bilateral goods deficits remained largest with Mexico, Vietnam and Taiwan and the deficit with China widened.
- The May data mark the first monthly widening of the deficit in two months and could affect U.S. current-account flows and GDP components if the trends continue.