The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods
and services deficit was $43.1 billion in May, down $3.0 billion from $46.1 billion in April,
Exports, Imports, and Balance (exhibit 1)
May exports were $215.3 billion, $4.1 billion more than April exports. May imports were $258.4
billion, $1.1 billion more than April imports.
The May decrease in the goods and services deficit reflected a decrease in the goods deficit of
$2.6 billion to $65.8 billion and an increase in the services surplus of $0.5 billion to $22.7
Year-to-date, the goods and services deficit increased $17.9 billion, or 7.9 percent, from the
same period in 2017. Exports increased $84.5 billion or 8.8 percent. Imports increased $102.4
billion or 8.6 percent.
Three-Month Moving Averages (exhibit 2)
The average goods and services deficit decreased $4.2 billion to $45.4 billion for the three months
ending in May.
* Average exports increased $3.1 billion to $212.4 billion in May.
* Average imports decreased $1.1 billion to $257.9 billion in May.
Year-over-year, the average goods and services deficit increased $0.2 billion from the three months
ending in May 2017.
* Average exports increased $19.9 billion from May 2017.
* Average imports increased $20.1 billion from May 2017.
Exports (exhibits 3, 6, and 7)
Exports of goods increased $3.7 billion to $144.9 billion in May.
Exports of goods on a Census basis increased $3.6 billion.
* Capital goods increased $2.0 billion.
o Civilian aircraft increased $1.9 billion.
* Foods, feeds, and beverages increased $1.7 billion.
o Soybeans increased $2.0 billion.
* Other goods increased $0.9 billion.
* Industrial supplies and materials decreased $1.3 billion.
o Other petroleum products decreased $0.9 billion.
Net balance of payments adjustments increased $0.1 billion.
Exports of services increased $0.4 billion to $70.4 billion in May.
* Transport increased $0.1 billion.
* Other business services, which includes research and development services; professional
and management services; and technical, trade-related, and other services, increased $0.1
* Financial services increased $0.1 billion.
Imports (exhibits 4, 6, and 8)
Imports of goods increased $1.1 billion to $210.7 billion in May.
Imports of goods on a Census basis increased $1.0 billion.
* Capital goods increased $2.1 billion.
o Telecommunications equipment increased $0.6 billion.
o Computers increased $0.4 billion.
o Civilian aircraft parts increased $0.3 billion.
o Civilian aircraft engines increased $0.2 billion.
* Consumer goods decreased $0.5 billion.
o Pharmaceutical preparations decreased $0.6 billion.
* Other goods decreased $0.4 billion.
Net balance of payments adjustments increased $0.2 billion.
Imports of services decreased $0.1 billion to $47.7 billion in May.
* Transport decreased $0.1 billion.
* Travel (for all purposes including education) decreased $0.1 billion.
* Other business services increased $0.1 billion.
Real Goods in 2012 Dollars – Census Basis (exhibit 11)
The real goods deficit decreased $2.2 billion to $75.3 billion in May.
* Real exports of goods increased $2.6 billion to $153.2 billion.
* Real imports of goods increased $0.4 billion to $228.5 billion.
Revisions to April exports
* Exports of goods were revised down $0.1 billion.
* Exports of services were revised up $0.1 billion.
Revisions to April imports
* Imports of goods were revised up less than $0.1 billion.
* Imports of services were revised down $0.2 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 ($3.6),
Hong Kong ($2.8), Singapore ($0.9), Brazil ($0.8), United Kingdom ($0.6), and Saudi Arabia
(less than $0.1). Deficits were recorded, in billions of dollars, with China ($32.0), European
Union ($11.9), Japan ($6.0), Mexico ($5.8), Germany ($5.7), Italy ($2.6), Canada ($2.2),
India ($1.9), Taiwan ($1.4), South Korea ($1.4), France ($1.2), and OPEC ($0.2).
* The deficit with members of OPEC decreased $3.1 billion to $0.2 billion in May. Exports
increased $1.3 billion to $5.8 billion and imports decreased $1.9 billion to $6.0 billion.
* The deficit with the European Union decreased $1.3 billion to $11.9 billion in May.
Exports increased $0.2 billion to $27.5 billion and imports decreased $1.2 billion to
* The deficit with China increased $1.2 billion to $32.0 billion in May. Exports increased
$0.6 billion to $11.7 billion and imports increased $1.8 billion to $43.7 billion.
* * *
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.bea.gov/newsreleases/international/trade/tradnewsrelease.htm. The full schedule is available
in the Census Bureau’s Economic Briefing Room at www.census.gov/economic-indicators/ or on
BEA’s Web site at www.bea.gov/newsreleases/news_release_schedule.htm.
Source: Bureau of Economic Analysis