Imports edged down 0.6 percent to $149.3 billion, the 10th consecutive monthly decline. Imports are 34.9 percent below the all-time high set last July.

The May decline reflected a 3.4 percent drop in petroleum imports to $17.4 billion. The decrease reflected lower volumes as the average price of an imported barrel of crude oil rose to $51.21, from $46.60 in April.

Oil prices pushed above $70 per barrel last week only to retreat Friday to below $60 on renewed worries about global economic weakness.

Imports of foreign cars and auto parts dropped $238 million in May. Imports of civilian aircraft, computers and drilling equipment also dipped.

American manufacturers have been hurt by falling domestic demand and weakness overseas, as the recession that began in the U.S. has spread worldwide. Global weakness is expected to continue to depress export sales for American companies, including Caterpillar Inc., Deere & Co. and Boeing Co.

This week, the 186-nation International Monetary Fund released an updated economic forecast, predicting that the global economy will shrink 1.4 percent this year, the worst performance in the post-World War II period. That forecast was slightly worse than the 1.3 percent decline the IMF predicted in April.

The international lending agency did see prospects improving for next year with global growth forecast to climb to 2.5 percent, up from an April projection of a 1.9 percent increase.