The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $55.5 billion in May, up $4.3 billion from $51.2 billion in April, revised.

U.S. International Trade in Goods and Services Deficit
Deficit: $55.5 Billion +8.4%°
Exports: $210.6 Billion +2.0%°
Imports: $266.2 Billion +3.3%°

Next release: August 2, 2019

(°) Statistical significance is not applicable or not measurable.
Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, July 3, 2019

Exports, Imports, and Balance (exhibit 1)

May exports were $210.6 billion, $4.2 billion more than April exports. May imports were $266.2 billion, $8.5 billion more than April imports.

The May increase in the goods and services deficit reflected an increase in the goods deficit of $4.4 billion to $76.1 billion and an increase in the services surplus of $0.1 billion to $20.6 billion.

Year-to-date, the goods and services deficit increased $15.7 billion, or 6.4 percent, from the same period in 2018. Exports increased $5.1 billion or 0.5 percent. Imports increased $20.8 billion or 1.6 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit increased $1.8 billion to $52.9 billion for the three months ending in May.

  • Average exports increased $0.3 billion to $209.5 billion in May.
  • Average imports increased $2.2 billion to $262.4 billion in May.

Year-over-year, the average goods and services deficit increased $6.3 billion from the three months ending in May 2018.

  • Average exports decreased $1.2 billion from May 2018.
  • Average imports increased $5.1 billion from May 2018.

Exports (exhibits 3, 6, and 7)

Exports of goods increased $3.9 billion to $140.8 billion in May.

  Exports of goods on a Census basis increased $4.0 billion.

  • Capital goods increased $1.4 billion.
    • Civilian aircraft increased $0.5 billion.
    • Telecommunications equipment increased $0.4 billion.
  • Consumer goods increased $0.8 billion.
    • Gem diamonds increased $0.3 billion.
    • Jewelry increased $0.3 billion.
    • Pharmaceutical preparations increased $0.2 billion.
  • Foods, feeds, and beverages increased $0.7 billion.
    • Soybeans increased $0.7 billion.
  • Other goods increased $0.6 billion.
  • Automotive vehicles, parts, and engines increased $0.6 billion.

  Net balance of payments adjustments decreased $0.1 billion.

Exports of services increased $0.3 billion to $69.8 billion in May.

  • Maintenance and repair services increased $0.1 billion.
  • Travel (for all purposes including education) increased $0.1 billion.
  • Transport increased $0.1 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $8.3 billion to $217.0 billion in May.

  Imports of goods on a Census basis increased $8.1 billion.

  • Automotive vehicles, parts, and engines increased $2.3 billion.
    • Passenger cars increased $1.5 billion.
  • Industrial supplies and materials increased $1.8 billion.
    • Crude oil increased $1.3 billion.
  • Capital goods increased $1.6 billion.
    • Semiconductors increased $0.5 billion.
    • Computers increased $0.4 billion.
    • Computer accessories increased $0.3 billion.
  • Consumer goods increased $1.4 billion.
  • Other goods increased $1.0 billion.

  Net balance of payments adjustments increased $0.2 billion.

Imports of services increased $0.2 billion to $49.2 billion in May.

  • Transport increased $0.2 billion.
  • Travel (for all purposes including education) decreased $0.1 billion.

Real Goods in 2012 Dollars – Census Basis (exhibit 11)

The real goods deficit increased $4.8 billion to $87.0 billion in May.

  • Real exports of goods increased $4.6 billion to $150.5 billion.
  • Real imports of goods increased $9.3 billion to $237.5 billion.

Revisions

Revisions to April exports

  • Exports of goods were revised up less than $0.1 billion.
  • Exports of services were revised down $0.4 billion.

Revisions to April imports

  • Imports of goods were revised up less than $0.1 billion.
  • Imports of services were revised down less than $0.1 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)

The May figures show surpluses, in billions of dollars, with South and Central America ($4.1), Hong Kong ($2.6), Singapore ($0.6), Brazil ($0.5), Saudi Arabia (less than $0.1), and United Kingdom (less than $0.1). Deficits were recorded, in billions of dollars, with China ($30.1), European Union ($16.9), Mexico ($9.1), Japan ($6.0), Germany ($5.8), Canada ($3.6), Italy ($2.6), France ($2.1), India ($1.9), Taiwan ($1.5), South Korea ($1.4), and OPEC ($0.1).

  • The deficit with Canada increased $1.8 billion to $3.6 billion in May. Exports decreased $0.3 billion to $24.3 billion and imports increased $1.5 billion to $27.9 billion.
  • The deficit with the European Union increased $1.8 billion to $16.9 billion in May. Exports increased $0.2 billion to $27.2 billion and imports increased $2.0 billion to $44.1 billion.
  • The deficit with Japan decreased $0.5 billion to $6.0 billion in May. Exports increased $0.5 billion to $6.6 billion and imports increased less than $0.1 billion to $12.5 billion.

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All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in exhibits 1-20b of this release. For information on data sources, definitions, and revision procedures, see the explanatory notes in this release. The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services. The full schedule is available in the Census Bureau’s Economic Briefing Room at www.census.gov/economic-indicators/ or on BEA’s website at www.bea.gov/news/schedule.

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Next release: August 2, 2019, at 8:30 A.M. EDT
U.S. International Trade in Goods and Services, June 2019

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