The goods and services deficit was $85.5 billion in May, down $1.1 billion from $86.7 billion in April (revised), the U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced July 8.
May exports were $255.9 billion, $3 billion more than April exports. May imports were $341.4 billion, $1.9 billion more than April imports, according to the federal data.
The May decrease in the goods and services deficit reflected a decrease in the goods deficit of $2.9 billion to $105 billion and a decrease in the services surplus of $1.7 billion to $19.4 billion.
Year-to-date, the goods and services deficit increased $126.5 billion, or 38.4 percent, from the same period in 2021. Exports increased $197.1 billion or 19.4 percent. Imports increased $323.6 billion or 24.0 percent, according to the data.