The U.S. merchandise-trade deficit shrank in May 2023 by more than expected as the value of imports slid by the most since December 2022.

The shortfall in goods trade narrowed by 6.1% to $91.1 billion, Commerce Department data showed June 28. The figure, which isn’t adjusted for inflation, compared with a $93.7 billion median estimate in a Bloomberg survey of economists.

Imports fell 2.7% to about $254 billion, also the lowest since November 2022 and led by a drop in consumer goods. Exports declined 0.6% to $162.8 billion, reflecting a decrease in outbound shipments of food and industrial supplies.

Though a narrowing of the trade deficit for most of 2022 proved to be a key tailwind to gross domestic product last year, economists don’t expect net exports to provide that kind of support again in the near term. The pace of import growth will depend on consumer and business demands, which have so far proved resilient.

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Meanwhile, foreign purchases of U.S.-made goods have eased in recent months as the global economy cools in the face of higher borrowing costs.

U.S. exports of autos jumped 8.7% in May, the most since the start of 2023, while outbound shipments of consumer goods rose 4.3%.

Prior to June 28’s trade figures, the Atlanta Fed’s GDPNow forecast had net exports subtracting 0.7 percentage points from the second-quarter gross domestic product.

The Commerce Department report showed retail inventories rose 0.8% during May, the most in 2023, to $778.7 billion. Inventories at car dealers jumped 2.9%, the biggest gain since August 2022. Stockpiles at wholesalers fell 0.1% to the lowest level since September 2022.

More complete May 2023 trade figures, which include the balance on the services account, are due July 6, 2023.