May 2025

Released July 03, 2025


-$71.5B
Total trade balance
May 2025
-$97.5B
Goods trade balance
May 2025
$26.0B
Services trade balance
May 2025


Contents

Balance of payments

Census basis

Exports

Imports

Import duties

Prices and inflation


Balance of payments


In May 2025:


  • In May, the United States ran a total trade deficit of $71.52 billion.
    • The trade deficit is up $11.26 billion from April, which means imports grew faster than exports.
    • The trade deficit is 20 percent below than the 12-month average.
    • In trade of goods, the U.S. ran a trade deficit of $97.51 billion, which is up $11.21 billion from April and 16 percent below than the 12-month average.
    • In trade of services, the U.S. ran a trade surplus of $25.99 billion, which is down $54.00 million from April and 1 percent above than the 12-month average.


  • Total exports was $279.00 billion, which is down $11.57 billion from April and 1 percent above than the 12-month average.
    • Total exports of goods was $180.21 billion, which is down $11.39 billion from April and 2 percent above than the 12-month average.
    • Total exports of services was $98.79 billion, which is down $183.00 million from April and 1 percent above than the 12-month average.


  • Total imports was $350.52 billion, which is down $312.00 million from April and 4 percent below than the 12-month average.
    • Total imports of goods was $277.72 billion, which is down $183.00 million from April and 5 percent below than the 12-month average.
    • Total imports of services was $72.80 billion, which is down $129.00 million from April and 1 percent above than the 12-month average.


From May 2024 to May 2025:


  • Over the 12 months through May 2025, the U.S. ran a total trade deficit of $1.08 trillion.
    • In trade of goods, the U.S. ran a trade deficit of $1.39 trillion.
    • In trade of services, the U.S. ran a trade surplus of $308.88 billion.


  • Total exports was $3.31 trillion.
    • Total exports of goods was $2.13 trillion.
    • Total exports of services was $1.18 trillion.


  • Total imports was $4.38 trillion.
    • Total imports of goods was $3.52 trillion.
    • Total imports of services was $867.10 billion.




Table 1. Trade balance

May 2025 May 2024 Y/Y difference 12-month average Past 12 months
Goods
Exports $180.21B $170.32B 5.80% $177.52B $2.13T
– Imports $277.72B $270.95B 2.50% $293.14B $3.52T
Goods trade balance -$97.51B -$100.63B -3.10% -$115.62B -$1.39T
Services
Exports $98.79B $94.66B 4.37% $98.00B $1.18T
– Imports $72.80B $68.48B 6.31% $72.26B $867.10B
Services trade balance $25.99B $26.17B -0.69% $25.74B $308.88B
Total
Exports $279.00B $264.98B 5.29% $275.51B $3.31T
– Imports $350.52B $339.43B 3.27% $365.39B $4.38T
Total trade balance -$71.52B -$74.46B -3.95% -$89.88B -$1.08T


Census basis


The Bureau of Economic Analysis adjusted the May 2025 Census basis figures for goods exports by about 0.01 percent, and for goods imports by about 0.01 percent. See the Notes section for more information about these adjustments. This section reports the trade figures for goods as collected by the U.S. Census Bureau without adjustment unless specified otherwise.








Table 2. Largest deficits by country

Trading partner Past 12 months Share of past 12 months May 2025 May 2024 Y/Y difference
China -$292.97B 21.52% -$13.94B -$23.67B -41.11%
Mexico -$183.06B 13.45% -$18.17B -$14.88B 22.08%
Vietnam -$142.22B 10.45% -$14.73B -$10.42B 41.28%
Ireland -$131.34B 9.65% -$11.82B -$5.73B 106.25%
Taiwan -$93.50B 6.87% -$11.66B -$5.35B 117.91%
Germany -$83.59B 6.14% -$6.83B -$7.58B -9.89%
Switzerland -$79.04B 5.81% $4.24B -$1.77B -339.22%
Japan -$68.26B 5.01% -$4.88B -$5.49B -11.10%
Canada -$66.01B 4.85% -$2.76B -$5.14B -46.40%
South Korea -$62.74B 4.61% -$6.04B -$6.41B -5.77%


Table 3. Largest surpluses by country

Trading partner Past 12 months Share of past 12 months May 2025 May 2024 Y/Y difference
Netherlands $55.14B -4.05% $4.77B $4.04B 17.96%
Hong Kong $25.85B -1.90% $3.24B $1.34B 140.91%
United Kingdom $19.65B -1.44% $3.30B -$50.16M -6,679.04%
United Arab Emirates $19.64B -1.44% $1.95B $1.61B 20.96%
Panama $9.21B -0.68% $774.43M $876.70M -11.67%
Australia $8.35B -0.61% $1.52B $1.83B -16.84%
Brazil $8.02B -0.59% $587.14M $318.04M 84.61%
Belgium $5.74B -0.42% $498.07M $553.99M -10.09%
Dominican Republic $5.33B -0.39% $396.51M $436.63M -9.19%
Egypt $5.15B -0.38% $555.76M $248.43M 123.71%


Exports




Table 4. Top exports by good

Exported good Past 12 months Share of past 12 months May 2025 May 2024 Y/Y difference
Civilian aircraft, engines, equipment, and parts $134.02B 6.37% $11.52B $9.53B 20.87%
Crude oil $109.40B 5.20% $7.41B $10.80B -31.33%
Pharmaceutical preparations $108.19B 5.14% $10.37B $9.74B 6.46%
Petroleum products, other $75.19B 3.57% $5.94B $6.35B -6.43%
Industrial machines, other $71.32B 3.39% $5.76B $5.87B -1.77%
Semiconductors $69.89B 3.32% $5.37B $5.02B 7.09%
Other parts and accessories of vehicles $58.12B 2.76% $5.13B $5.45B -5.83%
Electric apparatus $57.88B 2.75% $4.72B $4.77B -0.89%
Passenger cars, new and used $56.02B 2.66% $4.61B $5.63B -18.21%
Minimum value shipments $52.46B 2.49% $4.12B $4.58B -9.89%


  • Over the 12 months through May 2025, the U.S. exported the most to Canada ($343.81 billion), Mexico ($335.37 billion), and China ($130.13 billion).
  • Together, these countries accounted for 38.45 percent of the value of all U.S. exports over those 12 months.



Table 5. Top exports by destination country

Export destination Past 12 months Share of past 12 months May 2025 May 2024 Y/Y difference
Canada $343.81B 16.34% $27.41B $30.50B -10.12%
Mexico $335.37B 15.93% $28.18B $29.01B -2.86%
China $130.13B 6.18% $6.55B $11.32B -42.13%
Netherlands $92.07B 4.37% $8.53B $6.86B 24.32%
United Kingdom $88.54B 4.21% $8.08B $5.56B 45.25%
Japan $81.57B 3.88% $7.13B $6.76B 5.51%
Germany $78.04B 3.71% $6.47B $6.25B 3.53%
South Korea $65.79B 3.13% $5.42B $5.87B -7.65%
Brazil $51.75B 2.46% $4.81B $4.02B 19.67%
Taiwan $46.80B 2.22% $4.73B $3.63B 30.26%


  • Over the 12 months through May 2025, the port districts with the highest exports were Houston-Galveston, TX ($247.69 billion), New York City, NY ($192.37 billion), and Laredo, TX ($171.61 billion).




Table 6. Top exports by U.S. port district

Customs district Past 12 months Share of past 12 months Air Vessel Road, rail, and other
Houston-Galveston, TX $247.69B 11.77% $11.89B $235.62B $180.54M
New York City, NY $192.37B 9.14% $146.82B $43.75B $1.80B
Laredo, TX $171.61B 8.15% $486.70M $562.56M $170.56B
Detroit, MI $142.91B 6.79% $3.55B $1.15B $138.20B
New Orleans, LA $141.95B 6.74% $61.08B $78.60B $2.28B
Los Angeles, CA $130.66B 6.21% $68.04B $60.94B $1.67B
Low Value $90.82B 4.31% $0.00 $0.00 $90.82B
Chicago, IL $82.78B 3.93% $81.31B $563.66M $906.61M
Miami, FL $79.40B 3.77% $49.35B $28.63B $1.42B
Savannah, GA $70.62B 3.36% $25.87B $41.99B $2.76B


Imports




Table 7. Top imports by good

Imported good Past 12 months Share of past 12 months May 2025 May 2024 Y/Y difference
Pharmaceutical preparations $310.37B 8.95% $25.93B $18.14B 42.96%
Passenger cars, new and used $206.43B 5.96% $15.86B $18.29B -13.28%
Crude oil $158.82B 4.58% $12.00B $16.05B -25.21%
Other parts and accessories of vehicles $141.72B 4.09% $11.97B $12.98B -7.71%
Computers $140.30B 4.05% $17.85B $9.78B 82.52%
Computer accessories $123.43B 3.56% $10.81B $8.11B 33.19%
Finished metal shapes $123.31B 3.56% $2.52B $3.26B -22.64%
Cell phones and other household goods, n.e.c. $116.78B 3.37% $7.57B $8.77B -13.69%
Electric apparatus $107.86B 3.11% $9.00B $7.96B 13.07%
U.S. goods returned, and reimports $98.16B 2.83% $8.60B $8.41B 2.31%


  • Over the 12 months through May 2025, the U.S. imported the most from Mexico ($518.44 billion), China ($423.10 billion), and Canada ($409.82 billion).
  • Together, these countries accounted for 38.99 percent of the value of all U.S. imports over those 12 months.



Table 8. Top imports by country of origin

Import origin Past 12 months Share of past 12 months May 2025 May 2024 Y/Y difference
Mexico $518.44B 14.96% $46.34B $43.89B 5.59%
China $423.10B 12.21% $20.49B $35.00B -41.44%
Canada $409.82B 11.82% $30.17B $35.64B -15.35%
Germany $161.63B 4.66% $13.30B $13.83B -3.83%
Vietnam $156.61B 4.52% $15.99B $11.33B 41.11%
Japan $149.83B 4.32% $12.01B $12.25B -1.93%
Ireland $147.96B 4.27% $13.41B $7.30B 83.59%
Taiwan $140.31B 4.05% $16.39B $8.98B 82.48%
South Korea $128.53B 3.71% $11.46B $12.28B -6.67%
Switzerland $115.55B 3.33% $3.31B $4.18B -20.90%


  • Over the 12 months through May 2025, the port districts with the highest imports were New York City, NY ($406.61 billion), Los Angeles, CA ($400.54 billion), and Chicago, IL ($363.07 billion).




Table 9. Top imports by U.S. port district

Customs district Past 12 months Share of past 12 months Air Vessel Road, rail, and other
New York City, NY $406.61B 11.73% $223.03B $176.85B $6.73B
Los Angeles, CA $400.54B 11.56% $92.03B $308.14B $365.56M
Chicago, IL $363.07B 10.47% $252.35B $54.67B $56.05B
Laredo, TX $299.44B 8.64% $3.17B $2.77B $293.50B
Savannah, GA $187.53B 5.41% $69.64B $117.77B $124.75M
Detroit, MI $161.68B 4.66% $2.24B $8.13B $151.31B
Cleveland, OH $139.00B 4.01% $93.83B $39.25B $5.93B
New Orleans, LA $130.25B 3.76% $67.25B $58.82B $4.18B
San Francisco, CA $126.65B 3.65% $68.81B $57.55B $285.33M
Houston-Galveston, TX $118.24B 3.41% $8.71B $108.39B $1.14B


Import duties






Table 10. Top calculated duties by good

Imported good Calculated duty Average applied duty rate
Apparel, textiles, nonwool or cotton $9.45B 17.15%
Passenger cars, new and used $8.79B 4.12%
Other parts and accessories of vehicles $7.53B 5.52%
Electric apparatus $6.57B 6.32%
Apparel, household goods - cotton $5.73B 13.14%
Cell phones and other household goods, n.e.c. $5.06B 4.10%
Industrial machines, other $4.55B 5.26%
Industrial supplies, other $2.88B 6.21%
Household appliances $2.82B 7.06%
Furniture, household goods, etc. $2.82B 6.73%



Table 11. Top average applied duty rates by good

Imported good Calculated duty Average applied duty rate
Apparel, textiles, nonwool or cotton $9.45B 17.15%
Camping apparel and gear $2.26B 15.18%
Glassware, chinaware $402.44M 13.83%
Apparel, household goods - wool $401.65M 13.80%
Footwear $2.60B 13.49%
Apparel, household goods - cotton $5.73B 13.14%
Iron and steel, advanced $1.84B 12.79%
Glass-plate, sheet, etc. $290.77M 11.17%
Nontextile floor tiles $725.73M 10.27%
Cotton cloth, fabrics $97.64M 10.15%


  • Over the 12 months through May 2025, the top countries of origin by calculated duty revenue were China ($63.61 billion), Vietnam ($6.56 billion), and Mexico ($6.49 billion).

  • The average applied duty rates on the goods from those countries were 15.32 percent, 4.08 percent, and 1.26 percent, respectively.




Table 12. Top calculated duties by country of origin

Country of origin Calculated duty Average applied duty rate
China $63.61B 15.32%
Vietnam $6.56B 4.08%
Mexico $6.49B 1.26%
Japan $4.89B 3.22%
Germany $4.21B 2.58%
India $2.78B 2.88%
Italy $2.25B 2.95%
Canada $2.22B 0.54%
South Korea $2.20B 1.70%
Indonesia $1.67B 5.39%



Table 13. Top average applied duty rates by country of origin

Country of origin Calculated duty Average applied duty rate
Bangladesh $1.43B 15.48%
China $63.61B 15.32%
Azerbaijan $15.78M 11.91%
Uruguay $162.07M 11.38%
Sri Lanka $347.26M 10.70%
Pakistan $546.31M 10.12%
Macao $9.92M 9.87%
Paraguay $44.29M 9.70%
Belize $6.06M 9.23%
Belarus $1.61M 9.17%


Prices and inflation


Exchange rates


Terms of trade (ToT) is the ratio of a country’s export prices to its import prices. Stronger ToT means a country can buy more imports for a given amount of exports. A stronger U.S. dollar can improve U.S. ToT with trading partners by lowering the dollar price of imports from the foreign country.


From May 2024 to May 2025:

The U.S. dollar:

  • Weakened against the Chinese yuan by 0.6 percent.

  • Weakened against the Euro by 4.4 percent.

  • Weakened against the British pound by 5.4 percent.

  • Weakened against the Japanese yen by 8.3 percent.

  • Strengthened against the Mexican peso by 14.1 percent.


Table 14. USD to foreign currency exchange rates

Currency May 30, 2025 Apr 29, 2025 M/M difference May 31, 2024 Y/Y difference
Chinese yuan ¥7.20 ¥7.27 -0.96% ¥7.24 -0.58%
Euro €0.88 €0.88 0.43% €0.92 -4.42%
British pound £0.74 £0.75 -0.53% £0.79 -5.42%
Japanese yen ¥144.18 ¥142.29 1.33% ¥157.19 -8.28%
Mexican peso MX$19.39 MX$19.59 -1.00% MX$16.99 14.10%

Note: Currencies are sorted in alphabetical order by their ISO 4217 codes. The date shown in the third column is the date 22 business days before the date shown in the second column.



Exports





Table 15. Exported goods inflation

May 2025 Apr 2025 M/M difference May 2024 Y/Y difference
Month-over-month inflation
All exports -0.92% 0.13% -1.05pp -0.67% -0.25pp
Agricultural exports 0.22% 0.39% -0.17pp 0.31% -0.09pp
Nonagricultural exports -0.96% 0.07% -1.03pp -0.76% -0.20pp
Foods, feeds, and beverages 0.34% 0.43% -0.09pp 0.97% -0.63pp
Industrial supplies and materials -2.95% -0.48% -2.47pp -2.07% -0.88pp
Capital goods 0.40% 0.32% 0.08pp 0.08% 0.32pp
Automotive vehicles, parts, and engines 0.15% 0.92% -0.77pp 0.16% -0.01pp
Consumer goods 0.17% 0.67% -0.50pp 0.00% 0.17pp
Year-over-year inflation
All exports 1.68% 1.94% -0.26pp 0.61% 1.07pp
Agricultural exports 1.76% 1.86% -0.10pp -6.74% 8.50pp
Nonagricultural exports 1.68% 1.88% -0.20pp 1.57% 0.11pp
Foods, feeds, and beverages 3.09% 3.74% -0.65pp -6.59% 9.68pp
Industrial supplies and materials 0.95% 1.87% -0.92pp 1.32% -0.37pp
Capital goods 1.94% 1.62% 0.32pp 1.98% -0.04pp
Automotive vehicles, parts, and engines 2.71% 2.72% -0.01pp 4.28% -1.57pp
Consumer goods 1.44% 1.27% 0.17pp -1.42% 2.86pp


Imports


This inflation can reflect both changes in trade policy and the composition of goods imported in each category. See the Notes section for important information on interpreting this data.





Table 16. Imported goods inflation

May 2025 Apr 2025 M/M difference May 2024 Y/Y difference
Month-over-month inflation
All imports 1.66% 3.28% -1.62pp -0.08% 1.74pp
Fuels and lubricants 1.73% -1.92% 3.65pp 0.24% 1.49pp
All imports, excluding fuels 1.96% 3.53% -1.57pp -0.17% 2.13pp
Foods, feeds, and beverages 2.49% 0.91% 1.58pp -1.40% 3.89pp
Industrial supplies and materials 0.53% 1.94% -1.41pp -0.05% 0.58pp
Capital goods 1.41% 2.94% -1.53pp -0.15% 1.56pp
Automotive vehicles, parts, and engines 4.03% 7.59% -3.56pp -0.08% 4.11pp
Consumer goods 1.35% 4.24% -2.89pp 0.43% 0.92pp
Year-over-year inflation
All imports 6.70% 4.88% 1.82pp 1.14% 5.56pp
Fuels and lubricants -9.98% -11.31% 1.33pp 10.23% -20.21pp
All imports, excluding fuels 8.30% 6.03% 2.27pp 0.40% 7.90pp
Foods, feeds, and beverages 11.94% 7.70% 4.24pp 4.96% 6.98pp
Industrial supplies and materials 2.03% 1.44% 0.59pp 2.91% -0.88pp
Capital goods 6.98% 5.34% 1.64pp -0.54% 7.52pp
Automotive vehicles, parts, and engines 15.37% 10.81% 4.56pp 2.28% 13.09pp
Consumer goods 5.38% 4.42% 0.96pp 0.20% 5.18pp


Upcoming releases


Date Time Release Data source
Jul 08 10:00 AM Monthly Debt Update, July 2025 U.S. Treasury
Jul 14 10:00 AM Monthly Fiscal Update, June 2025 U.S. Treasury
Jul 15 08:30 AM Monthly Inflation Update, June 2025 Bureau of Labor Statistics
Jul 18 10:00 AM State Employment Update, June 2025 Bureau of Labor Statistics
Jul 30 08:30 AM Monthly GDP Update, Q2 2025 Advance Estimate Bureau of Economic Analysis
Jul 31 08:30 AM Monthly Expenditures Update, June 2025 Bureau of Economic Analysis
Aug 01 08:30 AM Monthly Employment Update, July 2025 Bureau of Labor Statistics


Notes


Sources: Bureau of Economic Analysis; U.S. Census Bureau; U.S. Department of the Treasury; Bureau of Labor Statistics; JEC Republicans calculations


Terminology


Duty: Customs duties are calculated by Customs and Border Protection and may overstate or understate the final total that is ultimately collected by the U.S. Treasury. These duties include tariffs.

Average applied duty rate: The sum of calculated duties as a share of total imports for consumption.

Imports for consumption: The total value of goods cleared through U.S. Customs either by entering consumption channels immediately or by entering via a bonded warehouse or Foreign Trade Zone under CBP custody.

Bonded warehouses: Private warehouses that hold goods after arrival to the U.S. under a bond that indemnifies the government until import duties are paid for those goods.

Foreign Trade Zones: Areas in or around ports where goods brought to the U.S. can be processed and modified before entering customs territory. If these goods leave the U.S. instead of entering U.S. customs territory, they are considered re-exports.

This type of imports include only those goods that enter U.S. customs territory, not all goods that physically arrive in U.S. ports. Duties are only paid on those goods that enter customs territory, so this type of imports is used in the “Import duties” section of this update.

Port district: Groups of air, land, and sea ports, typically in close geographical proximity to one another, categorized by CBP. The full list of districts and their ports are published in Schedule D, a statistical annex in the Harmonized Tariff Schedule, and can be found here.

Low-value shipments: Shipments whose value is so low that trade is estimated instead of being based on trade filings. These are shipments with a value of less than $2,500 for exports.

N.E.C.: “Not elsewhere classified”

Y/Y difference: The change from the same month one year prior.


Adjustments


Census basis: All data on the international trade of goods comes from the U.S. Census Bureau, which gathers data from U.S. Customs and Border Protection (CBP), Canadian Customs, and Statistics Canada. The Bureau of Economic Analysis (BEA) makes some adjustments to this data to create the headline trade figures shown in the section above, such as including nonmonetary gold trade, goods procured in foreign ports by U.S. carriers, goods procured in U.S. ports by foreign carriers, imports by U.S. military agencies, and more. The full list of adjustments can be found here.


  • In May, adjustments to exports amounted to $948.00 million, or 0.01 percent.

  • In May, adjustments to imports amounted to $2.04 billion, or 0.01 percent.

  • Therefore, in total, the trade balance figure for May adjusted by BEA is $1.09 billion higher than the respective Census basis figure.


  • Over the 12 months through May 2025, adjustments to exports amounted to $19.80 billion, or 0.01 percent.

  • Over the 12 months through May 2025, adjustments to imports amounted to $26.18 billion, or 0.01 percent.

  • Therefore, in total, the trade balance figure for the past 12 months adjusted by BEA is $6.39 billion higher than the respective Census basis figure.


Balance of payments: The data adjusted by the BEA to align with its concepts and definitions used in the international and national economic accounts.

Corrections to exports to Canada: The data for exports to Canada in the current year are estimates of late arrivals and corrections. These values are adjusted to the actual value annually.

Duty effect: JEC Republicans adjust the price index for imported goods from BLS, which excludes import duties, with the average applied duty rates derived from Census data to estimate post-duty price indexes. These rates are affected by changes in policy that impact the proportion of each good’s value collected by the government as a duty. Additionally, because these rates are averaged across broad categories of goods, changes can reflect the composition of goods imported within the category, for example a relative shift from goods with high duty rates toward those with lower duty rates. Therefore, the post-duty price index inflation reported may reflect not only policy changes but also shifts in the composition of imports.

Totals: Totals of values “from May 2024 to May 2025” are the sum over 12 months, inclusive of the latter month but not the former. Year-over-year values represent the change from May 2024 to May 2025.