News Release

EMBARGOED UNTIL RELEASE AT 8:30 a.m. EDT, Thursday, July 6, 2023
BEA 23–30
CB 23–110

U.S. International Trade in Goods and Services, May 2023

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $69.0 billion in May, down $5.5 billion from $74.4 billion in April, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:

$69.0 Billion

–7.3%°

Exports:

$247.1 Billion

–0.8%°

Imports:

$316.1 Billion

–2.3%°

Next release: Tuesday, August 8, 2023

(°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, July 6, 2023

Goods and Services Trade Deficit: Seasonally adjusted

Exports, Imports, and Balance (exhibit 1)

May exports were $247.1 billion, $2.1 billion less than April exports. May imports were $316.1 billion, $7.5 billion less than April imports.

The May decrease in the goods and services deficit reflected a decrease in the goods deficit of $4.8 billion to $91.3 billion and an increase in the services surplus of $0.7 billion to $22.3 billion.

Year-to-date, the goods and services deficit decreased $101.7 billion, or 22.8 percent, from the same period in 2022. Exports increased $48.0 billion or 3.9 percent. Imports decreased $53.7 billion or 3.2 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit decreased $0.4 billion to $68.0 billion for the three months ending in May.

  • Average exports decreased $2.2 billion to $251.5 billion in May.
  • Average imports decreased $2.6 billion to $319.5 billion in May.

Year-over-year, the average goods and services deficit decreased $22.9 billion from the three months ending in May 2022.

  • Average exports increased $0.3 billion from May 2022.
  • Average imports decreased $22.6 billion from May 2022.

Exports (exhibits 3, 6, and 7)

Exports of goods decreased $2.5 billion to $164.8 billion in May.

   Exports of goods on a Census basis decreased $1.4 billion.

  • Foods, feeds, and beverages decreased $1.9 billion.
    • Soybeans decreased $2.2 billion.
  • Industrial supplies and materials decreased $1.5 billion.
    • Crude oil decreased $0.8 billion.
    • Other petroleum products decreased $0.5 billion.
    • Natural gas liquids decreased $0.3 billion.
  • Automotive vehicles, parts, and engines increased $1.0 billion.
    • Passenger cars increased $0.8 billion.

   Net balance of payments adjustments decreased $1.0 billion.

Exports of services increased $0.4 billion to $82.3 billion in May.

  • Other business services increased $0.2 billion.
  • Travel increased $0.1 billion.
  • Transport increased $0.1 billion.
  • Charges for the use of intellectual property decreased $0.1 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods decreased $7.2 billion to $256.1 billion in May.

   Imports of goods on a Census basis decreased $7.1 billion.

  • Consumer goods decreased $4.8 billion.
    • Pharmaceutical preparations decreased $2.9 billion.
    • Cell phones and other household goods decreased $1.2 billion.
    • Artwork and other collectibles increased $0.9 billion.
  • Industrial supplies and materials decreased $3.5 billion.
    • Nonmonetary gold decreased $1.0 billion.
    • Organic chemicals decreased $0.8 billion.
  • Capital goods increased $0.8 billion.
    • Computers increased $1.3 billion.

   Net balance of payments adjustments decreased $0.2 billion.

Imports of services decreased $0.3 billion to $60.0 billion in May.

  • Transport decreased $0.2 billion.
  • Travel decreased $0.2 billion.

Real Goods in 2017 Dollars – Census Basis (exhibit 11)

The real goods deficit decreased $7.0 billion, or 7.3 percent, to $89.2 billion in May, compared to a 5.8 percent decrease in the nominal deficit.

  • Real exports of goods increased $1.7 billion, or 1.2 percent, to $138.1 billion, compared to a 0.9 percent decrease in nominal exports.
  • Real imports of goods decreased $5.3 billion, or 2.3 percent, to $227.3 billion, compared to a 2.7 percent decrease in nominal imports.

Revisions

Revisions to April exports

  • Exports of goods were revised up $0.2 billion.
  • Exports of services were revised down less than $0.1 billion.

Revisions to April imports

  • Imports of goods were revised up $0.1 billion.
  • Imports of services were revised down $0.1 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 ($4.2), Netherlands ($3.9), Belgium ($1.7), Hong Kong ($1.6), Australia ($1.2), United Kingdom ($1.2), Brazil ($1.0), Singapore ($0.3), and Saudi Arabia ($0.1). Deficits were recorded, in billions of dollars, with China ($24.9), European Union ($16.5), Mexico ($13.5), Vietnam ($8.1), Germany ($6.9), Ireland ($5.4), Canada ($5.3), Japan ($5.0), Italy ($3.9), South Korea ($3.8), Taiwan ($3.8), India ($3.2), Switzerland ($2.6), Malaysia ($2.2), France ($1.9), and Israel ($0.9).

  • The deficit with Switzerland decreased $1.9 billion to $2.6 billion in May. Exports increased $1.3 billion to $2.7 billion and imports decreased $0.6 billion to $5.3 billion.
  • The deficit with Japan decreased $1.8 billion to $5.0 billion in May. Exports increased $0.2 billion to $6.2 billion and imports decreased $1.6 billion to $11.2 billion.
  • The deficit with France increased $0.8 billion to $1.9 billion in May. Exports increased less than $0.1 billion to $3.4 billion and imports increased $0.8 billion to $5.3 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/data/intl-trade-investment/international-trade-goods-and-services. The full schedule is available in the Census Bureau's Economic Briefing Room at www.census.gov/economic-indicators/ or on BEA's website at www.bea.gov/news/schedule .

Next release: August 8, 2023, at 8:30 a.m. EDT
U.S. International Trade in Goods and Services, June 2023