The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $54.6 billion in May, up $4.8 billion from $49.8 billion in April, revised.
May exports were $144.5 billion, $6.6 billion less than April exports. May imports were $199.1 billion, $1.8 billion less than April imports.
Click on graph for larger image.
Both exports and imports decreased in May.
Exports are down 32% compared to May 2019; imports are down 25% compared to May 2019.
Both imports and exports have decreased sharply due to COVID-19.
The second graph shows the U.S. trade deficit, with and without petroleum.
The blue line is the total deficit, and the black line is the petroleum deficit, and the red line is the trade deficit ex-petroleum products.
Note that the U.S. exported a slight net positive petroleum products in recent months.
Oil imports averaged $27.55 per barrel in May, down from $34.72 per barrel in April, and down from $62.60 in May 2019.
The trade deficit with China decreased to $27.0 billion in May, from $30.1 billion in May 2019.