U.S. International Trade in Goods and Services, May 2026

The U.S. trade deficit in goods and services widened sharply to $77.6 billion in May, a $23.0 billion jump from the revised April figure, the Census Bureau and Bureau of Economic Analysis reported Monday. The 42.2 percent monthly increase reflected a $23.6 billion expansion in the goods deficit, which reached $106.5 billion, while the services surplus edged up $0.6 billion to $28.9 billion [1]. Exports of goods fell $11.3 billion to $210.6 billion, pulled down by a $6.2 billion drop in nonmonetary gold and a $2.1 billion decline in computers [1]. Imports of goods climbed $12.3 billion to $317.0 billion, led by a $1.9 billion rise in pharmaceutical preparations and a $1.5 billion increase in crude oil [1]. The widening gap comes amid an ongoing reordering of global supply chains. The U.S. has maintained steep tariffs on Chinese goods since 2018, when the first Trump administration imposed levies aimed at reducing the bilateral trade deficit [2]. By 2025, the second Trump administration escalated the conflict, with U.S. tariffs on Chinese goods reaching 145 percent and China retaliating with 125 percent duties on American exports [2]. Despite those barriers, the May data show the deficit with China stood at $14.5 billion, while larger shortfalls were recorded with Vietnam at $20.6 billion, Mexico at $20.1 billion, and Taiwan at $19.4 billion [1]. Year-to-date, the overall goods and services deficit has contracted $203.9 billion, or 40.6 percent, from the same period in 2025, as exports rose $164.7 billion and imports fell $39.2 billion [1]. The three-month moving average of the deficit increased $7.5 billion to $62.9 billion for the period ending in May [1]. The real goods deficit, adjusted for price changes, increased 18.7 percent to $100.0 billion in May, compared with a 28.8 percent rise in the nominal deficit [1]. Real exports of goods fell 6.6 percent, while real imports rose 1.9 percent [1]. The International Trade Administration, an arm of the Commerce Department, is tasked with promoting nonagricultural U.S. exports [4]. The latest figures underscore the challenge facing that mission as import demand continues to outpace export growth across several major trading partners. The next trade report, covering June 2026, is scheduled for release on August 4 [1].