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The Nation’s international trade deficit in goods and services increased to $50.2 billion in May from $43.6 billion (revised) in April, as exports decreased and imports increased. May exports of goods and services declined $1.0 billion to $174.9 billion. Imports increased $5.6 billion to $225.1 billion.
May’s trade activity on a Balance of Payment (BOP) basis created several noteworthy highlights. The May deficit of goods and services ($50.2 billion) and the deficit of goods ($64.9 billion) were the highest since October 2008 ($59.5 billion and $70.0 billion). May exports of goods and services ($174.9 billion) were the second highest on record; the record occurred April 2011 ($175.8 billion). May imports of goods and services ($225.1 billion) were the second highest on record; the record occurred July 2008 ($231.6 billion). May exports of services ($49.7 billion) were the highest on record. May imports of goods ($190.0 billion) and imports of services ($35.1) were the highest since July 2008 ($197.4 billion) and August 2008 ($35.2 billion).
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