The U.S. trade deficit expanded nearly 19% to -$71.5B, as exports declined more than imports declined.
The U.S. international trade in goods and services, also known as the FT-900, is published monthly by the Bureau of Economic Analysis with data going back to 1992. The monthly reports include revisions that go back several months. This trade balance measures the difference in value between imported and exported goods and services.
Here is an excerpt from the latest report:
The U.S. goods and services trade deficit increased in May 2025 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $60.3 billion in April (revised) to $71.5 billion in May, as exports decreased more than imports. The goods deficit increased $11.2 billion in May to $97.5 billion. The services surplus decreased $0.1 billion in May to $26.0 billion.
This indicator is somewhat volatile, with an 8.8% absolute average monthly change. The latest data point saw a 18.7% month-over-month change. Here is a snapshot that includes the six-month moving average which gives a better sense of the overall trend. The latest six-month moving average is at -$103.2B.
As mentioned earlier, the trade balance measures the difference in value between imported and exported goods and services. In May, imports were down $0.31 billion (-0.1%) to $350.52B. Meanwhile exports decreased by $11.57 billion (-4.0%) to $279.00B. This is the first monthly decline of the year and the largest since April 2020. Since exports declined more than imports declined, the trade deficit increased.
