From the Department of Commerce reported:
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $41.1 billion in May, up $3.8 billion from $37.4 billion in April, revised. May exports were $182.4 billion, $0.3 billion less than April exports. May imports were $223.5 billion, $3.4 billion more than April imports.
The trade deficit was larger than the consensus forecast of $40.0 billion.
The first graph shows the monthly U.S. exports and imports in dollars through May 2016.
Imports increased and exports decreased in May.
Exports are 10% above the pre-recession peak and down 4% compared to May 2015; imports are 4% below the pre-recession peak, and down 3% compared to May 2015.
The second graph shows the U.S. trade deficit, with and without petroleum.
Oil imports averaged $34.19 in May, up from $29.48 in April, and down from $50.76 in May 2015. The petroleum deficit has generally been declining and is the major reason the overall deficit has declined a little since early 2012.
The trade deficit with China decreased to $29.0 billion in May, from $30.3 billion in May 2015. The deficit with China is a substantial portion of the overall deficit.