U.S. INTERNATIONAL TRADE DEFICIT UP $4.8 BLN

U.S. BEA - July 2, 2020 - The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $54.6 billion in May, up $4.8 billion from $49.8 billion in April, revised. 

Exports, Imports, and Balance (exhibit 1) 

May exports were $144.5 billion, $6.6 billion less than April exports. May imports were $199.1 billion, $1.8 billion less than April imports. 

The May increase in the goods and services deficit reflected an increase in the goods deficit of $4.2 billion to $76.1 billion and a decrease in the services surplus of $0.6 billion to $21.5 billion. 

Year-to-date, the goods and services deficit decreased $22.3 billion, or 9.1 percent, from the same period in 2019. Exports decreased $148.3 billion or 14.0 percent. Imports decreased $170.6 billion or 13.1 percent. 

Three-Month Moving Averages (exhibit 2) 

The average goods and services deficit increased $6.6 billion to $48.9 billion for the three months ending in May. 

• Average exports decreased $22.4 billion to $161.9 billion in May.
• Average imports decreased $15.8 billion to $210.8 billion in May. 

Year-over-year, the average goods and services deficit decreased $0.9 billion from the three months ending in May 2019. 

• Average exports decreased $49.8 billion from May 2019.
• Average imports decreased $50.7 billion from May 2019. 

Exports (exhibits 3, 6, and 7) 

Exports of goods decreased $5.5 billion to $90.0 billion in May. 

  Exports of goods on a Census basis decreased $5.6 billion. 

• Industrial supplies and materials decreased $3.9 billion.
  • Other petroleum products decreased $1.6 billion.
  • Crude oil decreased $0.7 billion.
  • Fuel oil decreased $0.6 billion.
• Capital goods decreased $0.9 billion.
  • Semiconductors decreased $0.4 billion.
  • Computer accessories decreased $0.3 billion. 

  Net balance of payments adjustments increased $0.1 billion. 

Exports of services decreased $1.1 billion to $54.5 billion in May. 

• Other business services decreased $0.6 billion.
• Financial services decreased $0.2 billion.
• Charges for the use of intellectual property decreased $0.2 billion. 

Imports (exhibits 4, 6, and 8) 

Imports of goods decreased $1.3 billion to $166.0 billion in May. 

  Imports of goods on a Census basis decreased $1.0 billion. 

• Automotive vehicles, parts, and engines decreased $4.4 billion.
  • Passenger cars decreased $3.0 billion.
  • Automotive parts and accessories decreased $0.6 billion.
  • Trucks, buses, and special purpose vehicles decreased $0.4 billion.
• Capital goods decreased $0.6 billion.
  • Computers decreased $0.4 billion.
• Industrial supplies and materials increased $2.3 billion.
  • Nonmonetary gold increased $1.2 billion.
  • Finished metal shapes increased $1.2 billion.
• Consumer goods increased $1.9 billion.
  • Other textile apparel and household goods increased $1.8 billion.
  • Cell phones and other household goods increased $1.2 billion. 

  Net balance of payments adjustments decreased $0.3 billion. 

Imports of services decreased $0.5 billion to $33.1 billion in May. 

• Charges for the use of intellectual property decreased $0.2 billion.
• Other business services decreased $0.1 billion.
• Travel decreased $0.1 billion.
• Financial services decreased $0.1 billion. 

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

The real goods deficit increased $6.0 billion to $86.5 billion in May. 

• Real exports of goods decreased $6.7 billion to $106.8 billion.
• Real imports of goods decreased $0.7 billion to $193.3 billion. 

Revisions 

Revisions to April exports 

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

Revisions to April imports 

• Imports of goods were revised down less than $0.1 billion.
• Imports of services were revised up $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 ($1.9), Brazil ($0.4), OPEC ($0.4), United Kingdom ($0.2), and Hong Kong ($0.1). Deficits were recorded, in billions of dollars, with China ($27.9), European Union ($12.7), Mexico ($4.2), Germany ($3.9), Japan ($3.2), Taiwan ($2.6), South Korea ($1.9), Singapore ($1.6), Italy ($1.4), Canada ($1.2), France ($1.1), India ($0.7), and Saudi Arabia ($0.1). 

• The deficit with China increased $1.9 billion to $27.9 billion in May. Exports increased $0.7 billion to $10.0 billion and imports increased $2.7 billion to $37.9 billion.
• The surplus with members of OPEC decreased $1.0 billion to $0.4 billion in May. Exports decreased $0.5 billion to $2.4 billion and imports increased $0.5 billion to $2.1 billion.
• The deficit with the European Union decreased $1.6 billion to $12.7 billion in May. Exports decreased $1.0 billion to $14.9 billion and imports decreased $2.6 billion to $27.6 billion. 

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