U.S. INTERNATIONAL TRADE DEFICIT UP TO $71.2 BLN

U.S. BEA - July 2, 2021- The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $71.2 billion in May, up $2.2 billion from $69.1 billion in April, revised. 

Exports, Imports, and Balance (exhibit 1) 

May exports were $206.0 billion, $1.3 billion more than April exports. May imports were $277.3 billion, $3.5 billion more than April imports. 

The May increase in the goods and services deficit reflected an increase in the goods deficit of $2.3 billion to $89.2 billion and an increase in the services surplus of $0.1 billion to $17.9 billion. 

Year-to-date, the goods and services deficit increased $110.9 billion, or 45.8 percent, from the same period in 2020. Exports increased $101.6 billion or 11.4 percent. Imports increased $212.5 billion or 18.7 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit increased $0.2 billion to $71.8 billion for the three months ending in May.

• Average exports increased $5.8 billion to $204.5 billion in May.
• Average imports increased $6.0 billion to $276.2 billion in May.

Year-over-year, the average goods and services deficit increased $20.1 billion from the three months ending in May 2020.

• Average exports increased $43.2 billion from May 2020.
• Average imports increased $63.3 billion from May 2020.

Exports (exhibits 3, 6, and 7)

Exports of goods increased $0.4 billion to $145.5 billion in May.

  Exports of goods on a Census basis increased $0.4 billion.

• Consumer goods increased $1.0 billion.Foods, feeds, and beverages increased $0.3 billion.
  • Pharmaceutical preparations increased $0.8 billion.
• Automotive vehicles, parts, and engines decreased $0.5 billion.
• Passenger cars decreased $0.4 billion.
• Capital goods decreased $0.5 billion.
  • Civilian aircraft decreased $1.4 billion.
  • Semiconductors increased $0.4 billion.

  Net balance of payments adjustments increased less than $0.1 billion.

Exports of services increased $0.9 billion to $60.5 billion in May.

• Travel increased $0.5 billion.
• Charges for the use of intellectual property increased $0.2 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $2.7 billion to $234.7 billion in May.

  Imports of goods on a Census basis increased $2.6 billion.

• Industrial supplies and materials increased $2.6 billion.Foods, feeds, and beverages increased $0.8 billion.
  • Crude oil increased $0.8 billion.
  • Fuel oil increased $0.6 billion.
  • Lumber increased $0.3 billion.
• Capital goods decreased $1.1 billion.
• Computers decreased $1.3 billion.
• Telecommunications equipment decreased $0.6 billion.

  Net balance of payments adjustments increased $0.1 billion.

Imports of services increased $0.7 billion to $42.6 billion in May.

• Travel increased $0.6 billion.

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

The real goods deficit increased $3.1 billion to $101.8 billion in May.

• Real exports of goods decreased $3.0 billion to $145.0 billion.
• Real imports of goods increased $0.1 billion to $246.8 billion.

Revisions

Revisions to April exports

• Exports of goods were revised down $0.2 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 down $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 ($4.0), Hong Kong ($2.7), Brazil ($1.2), United Kingdom ($1.0), and Singapore ($0.1). Deficits were recorded, in billions of dollars, with China ($27.2), European Union ($18.5), Mexico ($7.7), Germany ($6.2), Japan ($5.9), Canada ($4.8), Taiwan ($3.3), Italy ($3.2), India ($2.5), South Korea ($2.3), France ($1.5), and Saudi Arabia ($0.3).

• The deficit with the European Union increased $2.4 billion to $18.5 billion in May. Exports decreased $0.2 billion to $22.0 billion and imports increased $2.3 billion to $40.5 billion.
• The deficit with Canada increased $1.8 billion to $4.8 billion in May. Exports increased $0.2 billion to $24.5 billion and imports increased $1.9 billion to $29.3 billion.
• The deficit with China decreased $5.1 billion to $27.2 billion in May. Exports decreased less than $0.1 billion to $13.1 billion and imports decreased $5.2 billion to $40.3 billion.

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