The politically sensitive deficit in the trade of goods with China rose 7.3% to $27.9 billion in May. So far this year, the overall U.S. deficit in the trade of goods and services has fallen 9.1% to $223.4 billion from $245.7 billion in January-May 2019.
World trade has plummeted in the face of the COVID-19 outbreak. In May, overall U.S. trade — exports plus imports — came in at $343.6 billion, down 28% from May 2019. Exports of crude oil and petroleum products dropped sharply in May as did auto imports.
In May, the United States ran a $76.1 billion deficit in the trade of goods such as autos and appliances. But it ran a $21.5 billion surplus, smallest since February 2016, in the trade of services such as banking and education.