US Goods Trade Deficit Down 2.2% In May

The US international goods trade deficit fell 2.2% in May from the previous month, according to the US Commerce Department's Census Bureau on Tuesday.

The goods trade deficit came in at $104.3 billion in May, down $2.4 billion from $106.7 billion in April.

Exports of goods rose $2 billion from the previous month to reach $176.6 billion in May, while imports of goods stood at $280.9 billion last month – $400 million less than in April.

Wholesale inventories in May came in at $880.6 billion, up 2% from the previous month. On an annual basis, they were up 25% from May 2021.

In May, retail inventories stood at $705.3 billion, up 1.1% from the month before. It recorded a gain of 17.3% year on year. -