US trade deficit increases to $60.0 billion in May


Total May exports of $132.0 billion and imports of $192.1 billion resulted in a goods and services deficit of $60.0 billion, compared with $58.7 billion in April, revised.

May exports were $2.9 billion more than April exports of $129.2 billion.  May imports were $4.2 billion more than April imports of $187.8 billion.

In May, the goods deficit increased $1.7 billion from April to $69.0 billion, and the services surplus increased $0.3 billion to $9.0 billion.  Exports of goods increased $2.4 billion to $93.3 billion, and imports of goods increased $4.0 billion to $162.3 billion.  Exports of services increased $0.5 billion to $38.7 billion, and imports of services increased $0.2 billion to $29.8 billion.

In May, the goods and services deficit was down $5.7 billion from May 2006.  Exports were up $13.2 billion, or 11.1 percent, and imports were up $7.5 billion, or 4.1 percent.

Goods

The April to May change in exports of goods reflected increases in capital goods ($1.9 billion); industrial supplies and materials ($0.6 billion); and consumer goods ($0.1 billion).  Decreases occurred in other goods ($0.2 billion) and foods, feeds, and beverages ($0.1 billion).  Automotive vehicles, parts, and engines were virtually unchanged.

The April to May change in imports of goods reflected increases in industrial supplies and materials ($2.4 billion); capital goods ($1.0 billion); consumer goods ($0.6 billion); other goods ($0.3 billion); and foods, feeds, and beverages ($0.2 billion).  A decrease occurred in automotive vehicles, parts, and engines ($0.5 billion).

The May 2006 to May 2007 change in exports of goods reflected increases in capital goods ($2.6 billion); industrial supplies and materials ($2.6 billion); consumer goods ($1.4 billion); automotive vehicles, parts, and engines ($1.2 billion); foods, feeds, and beverages ($1.1 billion); and other goods ($0.6 billion).

The May 2006 to May 2007 change in imports of goods reflected increases in consumer goods ($3.2 billion); capital goods ($2.1 billion); foods, feeds, and beverages ($0.7 billion); and other goods ($0.3 billion).  Decreases occurred in automotive vehicles, parts, and engines ($0.5 billion) and industrial supplies and materials ($0.1 billion).

Services

Services exports increased $0.5 billion from April to May.  The increase was mostly accounted for by increases in other private services (which includes items such as business, professional, and technical services, insurance services, and financial services) and transfers under U.S. military sales contracts.  Changes in other categories of services exports were small and nearly offsetting.

Services imports increased $0.2 billion from April to May.  The increase was more than accounted for by increases in other transportation (which includes freight and port services) and other private services.  Changes in other categories of services imports were small.

From May 2006 to May 2007, services exports increased $3.8 billion.  The largest increases were in other private services ($2.2 billion), royalties and license fees ($0.6 billion), and travel ($0.5 billion).

From May 2006 to May 2007, services imports increased $1.2 billion.  The largest increases were in other private services ($1.1 billion) and royalties and license fees ($0.2 billion).


U.S. Department of Commerce
7/12/2007 11:51:13 AM