US trade deficit falls 7.3% to $69 billion in May

By Ovunc Kutlu

ISTANBUL (AA) - The US trade deficit fell $5.5 billion, or 7.3%, to $69 billion in May, according to data released Thursday by the Commerce Department's Census Bureau.

The figure came in line with market expectations, while the April figure was revised from $74.6 billion to $74.4 billion, according to the figures.

Exports in May were $247.1 billion, $2.1 billion less than April exports, while imports in May were $316.1 billion -- $7.5 billion less than April imports.

"The May decrease in the goods and services deficit reflected a decrease in the goods deficit of $4.8 billion to $91.3 billion and an increase in the services surplus of $0.7 billion to $22.3 billion," the Census Bureau said in a statement.

"Year-to-date, the goods and services deficit decreased $101.7 billion, or 22.8 percent, from the same period in 2022. Exports increased $48.0 billion or 3.9 percent. Imports decreased $53.7 billion or 3.2 percent," it added.