by Calculated Risk on 7/07/2022 08:46:00 AM

From the Department of Commerce reported:

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $85.5 billion in May, down $1.1 billion from $86.7 billion in April, revised.

May exports were $255.9 billion, $3.0 billion more than April exports. May imports were $341.4 billion, $1.9 billion more than April imports.
emphasis added

Click on graph for larger image.

Both exports and imports increased in May.

Exports are up 22% year-over-year; imports are up 23% year-over-year.

Both imports and exports decreased sharply due to COVID-19, and have now bounced back (imports more than exports),

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 net, imports and exports of petroleum products are close to zero.

The trade deficit with China increased to $31.5 billion in May, from $26.1 billion a year ago.

The trade deficit was close to the consensus forecast, and the deficit for April was revised down.