The U.S. trade deficit widened sharply in May as exports fell, but subsiding imports suggested trade could still lead an anticipated rebound in economic growth in the second quarter.

Helped by volatile gold shipments, the May deficit was down from a record in April and continued to reflect fluctuating tariff policy in Canada’s biggest trade partner and neighbor.

The US merchandise-trade deficit unexpectedly widened in May on the biggest drop in exports since the onset of the pandemic, while imports were little changed.