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, revised.
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 billion. 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 billion. * 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 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 $39.3 billion. * 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.census.gov/foreign-trade/Press-Release/current_press_release/index.html or 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.