The U.S. trade deficit widened to $71.5 billion in May 2025 (from $60.3 billion in April), as exports fell sharply while imports were little changed.

• Exports declined -4.0% MoM to $279.0 billion, led by a -$10.0 billion drop in industrial supplies and -$1.9 billion in capital goods; services exports also dipped slightly.
• Imports edged down -0.1% MoM to $350.5 billion, with declines in consumer goods (-$4.0 billion) and industrial supplies (-$0.9 billion) offset by increases in autos (+$3.4 billion) and computers (+$4.4 billion).
• The goods deficit rose to $97.5 billion (+$11.2 billion), while the services surplus was steady at $26.0 billion.
• On a real (2017 dollar) basis, the goods deficit rose +9.6% MoM to $92.5 billion as real exports fell -5.3% and real imports were nearly flat.
• The trade deficit with China narrowed to $14.0 billion (lowest since Mar 2020), while deficits with Mexico (+$17.1 billion), Vietnam (+$14.9 billion), and Taiwan (+$11.5 billion) hit record highs.