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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