The U.S. trade deficit narrowed in May, with imports falling to their lowest level since late 2021, as rising borrowing costs slowed domestic demand. The U.S. Department of Commerce reported today that the trade deficit decreased by 7.3 percent to $69 billion.
Imports of goods and services declined by 2.3 percent to $316.1 billion, the lowest since October 2021. Imports of supplies and industrial materials, including crude oil and food products, experienced a sharp decline. Petroleum imports hit their lowest point since August 2021.
Exports fell by 0.8 percent to $247.1 billion. Goods exports dropped by 1.5 percent to $164.8 billion. Exports of supplies and industrial materials reached their lowest level since September 2021, while food exports recorded their lowest level in nearly two years. Petroleum exports decreased to the lowest level since December 2021.
