ECONOMY: ILLINOIS AND INTERNATIONAL TRADE
Benjamin L. Varner, Chief Economist

Recent shifts in global trade policy—particularly the imposition of tariffs on various goods—have placed international trade at the forefront of economic discussions. In light of these developments, the Commission examined Illinois’ trading relationships, focusing on key export and import partners as well as the most significant product categories.

MAY RECEIPTS RISE ON STRENGTH OF TRANSFERS AND FEDERAL SOURCES
Eric Noggle, Revenue Manager

After experiencing strong growth in receipts last month, deposits into the State’s General Funds continued its notable gains in May, but the revenue sources providing the growth this month were much different than April. For the month, overall revenues grew $325 million or +9.2% in May, which is slightly above the 9.0% surge last month. However, last month’s gains were primarily driven by growth in income taxes, while this month’s increase is mostly due to the timing of certain transfers and federal receipts.
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With May revenues included, General Funds receipts now total $48.7 billion for FY 2025 with only one month remaining in the fiscal year. This figure is $975 million or 2.0% above last year’s eleven-month total.