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The Goods and Services Deficit Increased to $41.4 billion in May 2016

Wed Jul 06 2016
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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 $41.1 billion in May, up $3.8 billion from $37.4 billion in April, revised. May exports were $182.4 billion, $0.3 billion less than April exports. May imports were $223.5 billion, $3.4 billion more than April imports.

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The May increase in the goods and services deficit reflected an increase in the goods deficit of $3.7 billion to $62.2 billion and a decrease in the services surplus of $0.1 billion to $21.1 billion.

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Year-to-date, the goods and services deficit decreased $7.2 billion, or 3.5 percent, from the same period in 2015. Exports decreased $47.2 billion or 4.9 percent. Imports decreased $54.3 billion or 4.7 percent.

Exports

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Exports of goods decreased $0.2 billion to $119.8 billion in May.

Exports of goods on a Census basis decreased $0.4 billion.

  • Capital goods decreased $0.8 billion.
    • Civilian aircraft decreased $0.4 billion.
    • Computer accessories decreased $0.3 billion.
  • Automotive vehicles, parts, and engines decreased $0.3 billion.
    • Other parts and accessories decreased $0.3 billion.
  • Foods, feeds, and beverages increased $0.5 billion.

Net balance of payments adjustments increased $0.1 billion.

Exports of services decreased $0.1 billion to $62.5 billion in May.

  • Travel (for all purposes including education) decreased $0.2 billion.
  • Financial services increased $0.1 billion.

Imports

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Imports of goods increased $3.4 billion to $182.1 billion in May.

Imports of goods on a Census basis increased $3.3 billion.

  • Industrial supplies and materials increased $2.3 billion.
    • Nonmonetary gold increased $1.0 billion.
    • Crude oil increased $0.7 billion.
  • Consumer goods increased $1.3 billion.
  • Capital goods decreased $0.9 billion.
    • Civilian aircraft decreased $0.9 billion.

Net balance of payments adjustments increased $0.1 billion.

Imports of services were nearly unchanged at $41.4 billion in May.

  • Financial services increased less than $0.1 billion.

Goods by Selected Countries and Areas

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The May figures show surpluses, in billions of dollars, with South and Central America ($2.9), Hong Kong ($1.9), Singapore ($0.5), and Brazil ($0.5). Deficits were recorded, in billions of dollars, with China ($28.3), European Union ($11.9), Germany ($5.5), Mexico ($5.5), Japan ($5.0), Italy ($2.6), India ($2.1), South Korea ($2.0), Taiwan ($1.2), France ($1.1), Canada ($0.9), OPEC ($0.4), United Kingdom ($0.3), and Saudi Arabia ($0.2).

  • 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 Japan decreased $0.9 billion to $5.0 billion in May. Exports increased $0.6 billion to $5.4 billion and imports decreased $0.3 billion to $10.4 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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