Market Updates
U.S. Trade Deficit Edged Lower in May, 2022 Gap to Cross $1 Trillion
Brian Turner
07 Jul, 2022
New York City
Goods and services trade deficit edged lower to $85.5 billion from $86.7 billion in April, the Bureau of Economic Analysis reported today.
Though the deficit declined on a monthly basis but surged 38.4% from a year ago after imports rebounded faster than exports.
On a monthly basis, the seasonally adjusted trade deficit with China declined in May by $2.8 billion to $32.2 billion.
On a monthly basis, May exports increased $ 3.0 to $255.9 billion and imports rose $1.9 billion to $341.4 billion, $1.9 billion.
At the current rate of growth in trade deficit, the U.S. is set to report a record trade deficit of more than $1.0 trillion in 2022.
Trade deficit has been steadily rising and jumped from $653.9 billion in 2020 to $845.0 billion in 2021 to cross $1.0 trillion in 2022.
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