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Goods and Services Deficit Increased in May 2015

Tue Jul 07 2015
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The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $41.9 billion in May, up $1.2 billion from $40.7 billion in April, revised. May exports were $188.6 billion, $1.5 billion less than April exports. May imports were $230.5 billion, $0.3 billion less than April imports.

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The May increase in the goods and services deficit reflected an increase in the goods deficit of $1.2 billion to $61.5 billion and an increase in the services surplus of less than $0.1 billion to $19.6 billion.

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Year-to-date, the goods and services deficit increased $1.1 billion, or 0.5 percent, from the same period in 2014. Exports decreased $26.5 billion or 2.7 percent. Imports decreased $25.4 billion or 2.2 percent.

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Exports of goods decreased $1.6 billion to $127.7 billion in May.

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

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  • Capital goods decreased $2.4 billion.
    • Civilian aircraft decreased $1.2 billion.
  • Industrial supplies and materials increased $0.8 billion.
    • Fuel oil increased $0.5 billion.
    • Other petroleum products increased $0.5 billion.

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Net balance of payments adjustments decreased $0.2 billion.

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Exports of services increased $0.1 billion to $60.9 billion in May.

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  • Other business services, which includes research and development services; professional and management services; and technical, trade-related, and other services, increased $0.1 billion.

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Imports of goods decreased $0.4 billion to $189.2 billion in May.

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Imports of goods on a Census basis decreased $0.5 billion.

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  • Capital goods decreased $0.8 billion.
    • Drilling and oilfield equipment decreased $0.8 billion.
  • Industrial supplies and materials decreased $0.6 billion.
    • Crude oil decreased $0.4 billion.
    • Organic chemicals decreased $0.3 billion.

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Net balance of payments adjustments increased less than $0.1 billion.

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Imports of services increased $0.1 billion to $41.2 billion in May.

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  • Transport, which includes freight and port services and passenger fares, increased $0.1 billion.

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The May figures show surpluses, in billions of dollars, with South and Central America ($4.2), Brazil ($0.9), OPEC ($0.3), and Canada ($0.2). Deficits were recorded, in billions of dollars, with China ($30.6), European Union ($13.4), Germany ($6.4), Japan ($6.4), Mexico ($4.1), Italy ($2.5), South Korea ($2.4), India ($2.0), France ($1.5), Saudi Arabia ($0.4) and United Kingdom ($0.1).

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  • The deficit with China increased $3.1 billion to $30.6 billion in May. Exports decreased $0.7 billion to $9.6 billion and imports increased $2.4 billion to $40.2 billion.
  • The deficit with the European Union increased $1.4 billion to $13.4 billion in May. Exports decreased $1.0 billion to $22.6 billion and imports increased $0.4 billion to $36.0 billion.

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NOTE: All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified.

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