Posted by Nathan Book
Each month, the U.S. Census Bureau publishes updated figures on numerous economic indicators, including those related to international trade. This data tracks the movement of goods and services into and out of the United States, offering a glimpse into global demand for American exports, the performance of domestic industries in global markets, and the nation’s overall trade balance. The statistics shared below appeared in the most recent report, dated July 3, which shared data from May 2025.
Exports for the nation totaled $279.0 billion, with $180.2 million of that being comprised of goods and the remaining $98.8 billion being imports of services.
This represents an overall decrease of $11.6 billion, or around 4 percent, from the previous month, which can be attributed to a $10.8 billion decline in exports of goods.
Petroleum exports ($19.0 billion) were the lowest since October 2021 as oil prices fell due to economic uncertainties resulting from new and anticipated U.S. tariffs. With oil production being less profitable due to these low prices, the U.S. produced and therefore exported less oil during the month of May.
The broader category of industrial supplies and materials also experienced a decrease in exports, dropping $10.0 billion from April to May. This drop can largely be credited to a $5.5 billion decline in exports of nonmonetary gold.
Exports of consumer goods ($22.4 billion) reached their highest point since March 2023, driven by a $1.1 billion increase in exports of pharmaceutical preparations from April to May. However, some of this high export value may be due to a temporary surge in exports as some businesses anticipate supply chain disruptions, increased input costs, or reduced demand due to tariffs.
The United States’ imports reached $350.5 billion, consisting of $277.7 billion in goods and $72.8 billion in services.
A slight decline in imports ($0.3 billion) was evident from April to May, with both goods ($0.2 billion) and services ($0.1 billion) experiencing comparatively minor decreases in terms of their imports.
Imports of industrial supplies and materials fell $0.9 billion from April to $51.1 billion, the lowest value since April 2021. This is somewhat due to decreases in imports of finished metal shapes, but can primarily be attributed to U.S. tariffs weighing on trade. This is particularly evident with industrial materials, which saw their imports largely front-loaded in anticipation of tariffs, resulting in a sharp plummet in May once tariffs came more into effect.
Although most goods and services experienced a decrease in imports, some saw their imports rise from April to May, including passenger cars ($3.1 billion), computers ($4.4 billion), and nuclear fuel materials ($0.6 billion).
As such, the United States’ current international trade deficit is $71.5 billion, including a deficit of $97.5 billion in goods and a surplus of $26.0 billion in services.
This deficit is $11.3 billion higher than it was in April, representing an increase of 18.7 percent, although it is worth noting that April’s trade deficit was the lowest since September 2023.
The statistics from May also demonstrated a combination of trade surpluses and deficits with various countries, reflecting the varied nature of the United States’ economic relationships with other nations.
The largest trade surpluses were evident with the Netherlands ($4.8 billion), Hong Kong ($3.6 billion), South and Central America ($3.3 billion), and Switzerland ($3.3 billion). The May surplus with Switzerland was the highest ever recorded.
Significant deficits were present with the European Union ($22.5 billion), Mexico ($17.1 billion), Vietnam ($14.9 billion), and China ($14.0 billion). The deficit with Vietnam, as well as that with Taiwan ($11.5 billion) and Thailand ($5.2 billion), were the highest on record.
Notably, the U.S. trade deficit with China narrowed by $5.7 billion from April to May, fueled by a $7.4 billion decrease in U.S. imports of Chinese goods and services.
All trade data is seasonally adjusted and follows international accounting standards to show the complete movement of goods and services across U.S. borders. The upcoming release, which will present June’s statistics, is scheduled for August 5. Regular analysis of these reports aids in forecasting efforts and provides insight into both national economic conditions and global market trends.
U.S. Census Bureau. International Trade. U.S. Department of Commerce. Accessed July 8, 2025. https://www.census.gov/foreign-trade/Press-Release/current_press_release/ft900.pdf
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