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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, Friday, July 6, 2018
U.S. International Trade in Goods and Services, May 2018
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $43.1 billion in May, down $3.0 billion from $46.1 billion in April, revised.
Exports, Imports, and Balance (exhibit 1) May exports were $215.3 billion, $4.1 billion more than April exports. May imports were $258.4 billion, $1.1 billion more than April imports. The May decrease in the goods and services deficit reflected a decrease in the goods deficit of $2.6 billion to $65.8 billion and an increase in the services surplus of $0.5 billion to $22.7 billion. Year-to-date, the goods and services deficit increased $17.9 billion, or 7.9 percent, from the same period in 2017. Exports increased $84.5 billion or 8.8 percent. Imports increased $102.4 billion or 8.6 percent. Three-Month Moving Averages (exhibit 2) The average goods and services deficit decreased $4.2 billion to $45.4 billion for the three months ending in May. * Average exports increased $3.1 billion to $212.4 billion in May. * Average imports decreased $1.1 billion to $257.9 billion in May. Year-over-year, the average goods and services deficit increased $0.2 billion from the three months ending in May 2017. * Average exports increased $19.9 billion from May 2017. * Average imports increased $20.1 billion from May 2017. Exports (exhibits 3, 6, and 7) Exports of goods increased $3.7 billion to $144.9 billion in May. Exports of goods on a Census basis increased $3.6 billion. * Capital goods increased $2.0 billion. o Civilian aircraft increased $1.9 billion. * Foods, feeds, and beverages increased $1.7 billion. o Soybeans increased $2.0 billion. * Other goods increased $0.9 billion. * Industrial supplies and materials decreased $1.3 billion. o Other petroleum products decreased $0.9 billion. Net balance of payments adjustments increased $0.1 billion. Exports of services increased $0.4 billion to $70.4 billion in May. * Transport increased $0.1 billion. * Other business services, which includes research and development services; professional and management services; and technical, trade-related, and other services, increased $0.1 billion. * Financial services increased $0.1 billion. Imports (exhibits 4, 6, and 8) Imports of goods increased $1.1 billion to $210.7 billion in May. Imports of goods on a Census basis increased $1.0 billion. * Capital goods increased $2.1 billion. o Telecommunications equipment increased $0.6 billion. o Computers increased $0.4 billion. o Civilian aircraft parts increased $0.3 billion. o Civilian aircraft engines increased $0.2 billion. * Consumer goods decreased $0.5 billion. o Pharmaceutical preparations decreased $0.6 billion. * Other goods decreased $0.4 billion. Net balance of payments adjustments increased $0.2 billion. Imports of services decreased $0.1 billion to $47.7 billion in May. * Transport decreased $0.1 billion. * Travel (for all purposes including education) decreased $0.1 billion. * Other business services increased $0.1 billion. Real Goods in 2012 Dollars – Census Basis (exhibit 11) The real goods deficit decreased $2.2 billion to $75.3 billion in May. * Real exports of goods increased $2.6 billion to $153.2 billion. * Real imports of goods increased $0.4 billion to $228.5 billion. Revisions Revisions to April exports * Exports of goods were revised down $0.1 billion. * Exports of services were revised up $0.1 billion. Revisions to April imports * Imports of goods were revised up less than $0.1 billion. * Imports of services were revised down $0.2 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 ($3.6), Hong Kong ($2.8), Singapore ($0.9), Brazil ($0.8), United Kingdom ($0.6), and Saudi Arabia (less than $0.1). Deficits were recorded, in billions of dollars, with China ($32.0), European Union ($11.9), Japan ($6.0), Mexico ($5.8), Germany ($5.7), Italy ($2.6), Canada ($2.2), India ($1.9), Taiwan ($1.4), South Korea ($1.4), France ($1.2), and OPEC ($0.2). * The deficit with members of OPEC decreased $3.1 billion to $0.2 billion in May. Exports increased $1.3 billion to $5.8 billion and imports decreased $1.9 billion to $6.0 billion. * The deficit with the European Union decreased $1.3 billion to $11.9 billion in May. Exports increased $0.2 billion to $27.5 billion and imports decreased $1.2 billion to $39.3 billion. * The deficit with China increased $1.2 billion to $32.0 billion in May. Exports increased $0.6 billion to $11.7 billion and imports increased $1.8 billion to $43.7 billion. * * * All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in Exhibits 1-20b of this release. For information on data sources, definitions, and revision procedures, see the explanatory notes in this release. The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/newsreleases/international/trade/tradnewsrelease.htm. The full schedule is available in the Census Bureau’s Economic Briefing Room at www.census.gov/economic-indicators/ or on BEA’s Web site at www.bea.gov/newsreleases/news_release_schedule.htm. * * * Next release: August 3, 2018, at 8:30 A.M. EDT U.S. International Trade in Goods and Services: June 2018 * * * Notice Change to OPEC With the release of the “U.S. International Trade in Goods and Services: July 2018” report (FT-900) on September 5, 2018, statistics for OPEC will include Congo (Brazzaville), which joined OPEC on June 22, 2018. OPEC statistics for July in exhibits 14, 17a, and 19 of the FT-900 and exhibit 4 of the FT-900 Supplement will include Congo (Brazzaville). This change will also affect exhibits 20, 20a, and 20b of the FT-900 with the December 6, 2018 release. If you have questions or need additional information, please contact the Census Bureau, Economic Indicators Division, on (800) 549-0595, option 4, or at [email protected].