US Trade Deficit Narrows in May


US trade gap declined more than forecast in May as exports reached a record and imports decreased.

May exports of $195.5 billion and imports of $239.8 billion resulted in a goods and services deficit of $44.4 billion, down from $47.0 billion in April, revised. May exports were $2.0 billion more than April exports of $193.5 billion. May imports were $0.7 billion less than April imports of $240.5 billion.

In May, the goods deficit decreased $2.4 billion from April  to $63.3 billion, and the services surplus increased $0.3 billion from April to $18.9 billion. Exports of goods ncreased $1.6 billion to $136.7 billion, and imports of goods decreased $0.7 billion to $200.0 billion. Exports of services increased $0.3 billion to $58.8 billion, and imports of services were virtually unchanged at $39.9 billion.

The goods and services deficit decreased $0.4 billion from May 2013 to May 2014. Exports were up $8.3 billion, or 4.4 percent, and imports were up $7.8 billion, or 3.4 percent.

The April to May increase in exports of goods reflected increases in automotive vehicles, parts, and engines ($0.8 billion); other goods ($0.5 billion); consumer goods ($0.4 illion); industrial supplies and materials ($0.2 billion); and foods, feeds, and beverages ($0.1 billion).  A decrease occurred in capital goods ($0.2 billion).

The April to May decrease in imports of goods reflected decreases in industrial supplies and materials ($1.7 billion); other goods ($0.7 billion); consumer goods ($0.5 billion); and foods, feeds, and beverages ($0.2 billion). Increases occurred in automotive vehicles, parts, and engines ($1.3 billion) and capital goods ($1.0 billion).

The May 2013 to May 2014 increase in exports of goods reflected increases in foods, feeds, and beverages ($1.7 billion); industrial supplies and materials ($1.4 billion); consumer goods ($1.1 billion); other goods ($0.8 billion); capital goods ($0.8 billion); and automotive vehicles, parts, and engines ($0.5 billion).

The May 2013 to May 2014 increase in imports of goods reflected increases in capital goods ($4.0 billion); automotive vehicles, parts, and engines ($2.4 billion); consumer goods ($1.4 billion); and  foods, feeds, and beverages ($0.7 billion). Decreases occurred in industrial supplies and materials ($1.5 billion) and other goods ($0.8 billion).

US Trade Deficit Narrows in May


U.S. Census Bureau | anna@tradingeconomics.com
7/3/2014 1:43:39 PM