The U.S. Commerce Department said total exports of goods and services in May “dropped slightly” to $187.1 billion, from $187.6 billion in April.
The department noted, however, that total services and automotive exports hit “record levels” in May, while total services exports were led by increases in travel, passenger fares, and other private services.
Imports of goods and services to the United States increased by $4.4 billion in May, which was led by an increase of petroleum products. As a result, the trade deficit increased by $4.9 billion in May. Overall, the United States’ petroleum deficit accounts for roughly one-half of the total trade deficit, Commerce said.
U.S. exports ‘dropped slightly’ in May
