NEW YORK (CNN/Money) - The gap between U.S. imports and exports narrowed in May, according to a government report Wednesday that came in smaller than Wall Street forecasts.

The Commerce Department report showed that imports of goods and services outstripped exports by $55.3 billion, down from a revised $56.9 billion for April. Economists surveyed by Briefing.com had forecast a trade gap of $57 billion.

The gap was helped by a record $106.9 billion, up slightly from a revised $106.7 billion level in exports seen in April. Falling oil prices during the month also helped, as the average price paid for oil imports fell 4 percent to $43.08 a barrel from $44.76. That trimmed crude oil imports by $1.2 billion, a key in the $1.4 billion drop in overall imports.

There was also progress made in the trade of autos and consumer goods. Exports of consumer goods rose by $434 million from April, almost twice the gain seen in the import of those items during the month. Auto and auto part exports rose to $8.9 billion from $8.4 billion in April, outpacing the rise in the imports of autos and auto parts by about $250 million.

But the trade gap in apparel and textiles continued to grow. That helped lift the trade gap with China by $1 billion to a record $15.7 billion, the largest gap with any trading partner.

The widening trade gap will likely increase calls in Congress for sanctions if China does not revalue its currency, the yuan. The yuan is now pegged to the dollar at an exchange rate lower than where markets would set it if the yuan was freely traded.

The retreat in the trade gap could be temporary as well. Oil prices have again risen since the decline seen in May, and the dollar has strengthened versus currencies such as the euro and yen. That makes U.S. goods more expensive in those markets, forcing U.S. exports to either cut their prices or risk losing market share. One reason the trade report has limited impact on markets is that it is seen as an old report by the time it is released.

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