The U.S. monthly international trade deficit increased in May 2016 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $37.4 billion in April (revised) to $41.1 billion in May, as exports decreased and imports increased. The previously published April deficit was $37.4 billion. The goods deficit increased $3.7 billion from April to $62.2 billion in May. The services surplus decreased $0.1 billion from April to $21.1 billion in May.
Exports
Exports of goods and services decreased $0.3 billion, or 0.2 percent, in May to $182.4 billion. Exports of goods decreased $0.2 billion and exports of services decreased $0.1 billion.
- The decrease in exports of goods was more than accounted for by a decrease in capital goods ($0.8 billion). An increase in foods, feeds, and beverages ($0.5 billion) was partly offsetting.
- The decrease in exports of services was more than accounted for by a decrease in travel (for all purposes including education) ($0.2 billion). An increase in financial services ($0.1 billion) was partly offsetting.
Imports
Imports of goods and services increased $3.4 billion, or 1.6 percent, in May to $223.5 billion. Imports of goods increased $3.4 billion and imports of services were nearly unchanged.
- The increase in imports of goods mainly reflected increases in industrial supplies and materials ($2.3 billion) and in consumer goods ($1.3 billion).
- Imports of services were nearly unchanged. The changes in all categories were small and nearly offsetting.
Goods by geographic area (seasonally adjusted, Census basis)
- The deficit with China increased $1.7 billion to $28.3 billion in May. Exports decreased $0.1 billion to $9.3 billion and imports increased $1.6 billion to $37.6 billion.
- The balance with the United Kingdom shifted from a surplus of $0.7 billion to a deficit of $0.3 billion in May. Exports decreased $1.2 billion to $4.0 billion and imports decreased $0.2 billion to $4.3 billion.
- The deficit with South Korea decreased $1.1 billion to $2.0 billion in May. Exports increased $0.7 billion to $3.7 billion and imports decreased $0.3 billion to $5.6 billion.
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