The U.S. Census Bureau and the U.S. Bureau of Economic Analysis reported that the United States' goods and services deficit increased to $71.5 billion in May, a rise of $11.3 billion from April's revised figure of $60.3 billion.
In May, exports totaled $279.0 billion, which was $11.6 billion less than in April, while imports were slightly lower at $350.5 billion, down by $0.3 billion from the previous month.
The growth in the goods and services deficit was attributed to an increase in the goods deficit by $11.2 billion to reach $97.5 billion and a minor decrease in the services surplus by $0.1 billion to stand at $26.0 billion.
For the year so far, there has been a 50.4 percent increase in the goods and services deficit amounting to $175.0 billion compared to the same period last year, with exports rising by 5.5 percent or $73.6 billion and imports increasing by 14.8 percent or $248.7 billion.
A three-month moving average showed a decrease of $16.8 billion in the average goods and services deficit to reach $90.0 billion for the period ending in May.
Exports of goods saw a reduction of $11.4 billion reaching a total of $180.2 billion in May, with notable decreases seen in industrial supplies and materials ($10.0 billion), nonmonetary gold ($5.5 billion), natural gas ($1.1 billion), finished metal shapes ($1.0 billion), capital goods ($1.9 billion), semiconductors ($0.6 million), civilian aircraft engines ($0.5 million), telecommunications equipment ($0.4 million) but an increase observed in computer accessories by $0.8 million.
Consumer goods exports increased by $1.5 million due largely to pharmaceutical preparations which rose by $1.l million.
Services exports fell slightly by $0.l million totaling up to$98 .8million with travel decreasingby$03millionand transport decreasingby$02millionwhilechargesfortheuseofintellectualpropertyincreasedby01millionalongwithotherbusinessservicesincreasingby01million
Imports of goods decreased marginally by$02billiontotallingup2777billioninMaywhileimportsofgoodsonCensusbasisdecreasedby03billion
Consumer Goods Imports Decreased By$40 Billion With Other Textile Apparel And Household Goods Down By$08 Billion Toys Games And Sporting Goods Decreasing By07 Million While Pharmaceutical Preparations Increased By25 Million Industrial Supplies And Materials Decreased By09 Million Finished Metal Shapes Dropped By17 Million Nuclear Fuel Materials Increased By06 Million Automotive Vehicles Parts And Engines Rose By34 Billion Passenger Cars Increasing Significantly By31 Billion Other Goods Rose By10 Million Capital Goods Went Up Slightly By03 Million Computers Saw A Rise Of44 Billion While Computer Accessories Fell By28 Billion Net Balance Of Payments Adjustments Increased Slightly By01 Million Imports Of Services Dipped Slightly To728 Billion In May Transport Declined04 Million Travel Fell02Million Other Business Services Gained01Million Maintenance Repair Services Also Increased01Million Real Goods Deficit On A Census Basis Grew81Billion Or96Percent Reaching925Billion In May Compared To123Percent Increase Nominal Deficit Real Exports Of Goods Dropped82Billion Or53Percent Totaling1483Billion Compared To57Percent Decline Nominal Exports Real Imports Of Goods Diminished Slightly To2408Billion Less Than01Percent Fall Matching Nominal Imports Revisions Made April Data Included An Upward Adjustment For Exports Goods Adding11Billion While Services Revised UpwardsBy01Million Import Figures Were Adjusted Downwards For Both Categories Notably Less Than One Hundred Thousand Dollars ForGoodsAndTwoHundredThousandDollarsForServices Trade Figures Show Surpluses With Netherlands48 Hong Kong36 South Central America33 Switzerland33 United Kingdom30 Australia15 Brazil05 Saudi Arabia05 Belgium04 Singapore03 Israel01 Meanwhile Deficits Were Recorded European Union225 Mexico171 Vietnam149 China140 Ireland118 Taiwan115 Germany68 Japan58 South Korea54 India51 Canada28 Italy26 Malaysia24 France05 The Deficit With Mexico Expanded36Billion Reaching171Billion As Exports Fell03Billion273Billions Imports Rose33Billions446Billions Ireland's Deficit Widened24 Billions118BillionsWithExportGains02BillionsTo16 BillionsWhileImportSurged25Billions134 Billions China's Deficit Narrowed57 Billions140 BillionsAsExportsFell17 Billons69 BillonsImportsDeclined74Billons209 Billons All Statistics Are Seasonally Adjusted Based On Balance Payments Unless Specified Additional Data Including Unadjusted Stats Details Census Basis Available Exhibits120b Release Information Data Sources Definitions Revision Procedures Found Explanatory Notes Full Release Accessible wwwcensusgovforeigntradePressReleasecurrentpressreleaseindexhtml wwwbeagovdatainternationaltradeinvestmentinternationaltradegoodsandservices Full Schedule Provided Census Bureaus Economic Briefing Room wwwcensusgoveconomicindicators BEA Website wwwbeagovnewsschedule Notice Update BEA Annual International Services Tables