Goods and Services

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that total May exports of $118.7 billion and imports of $182.5 billion resulted in a goods and services deficit of $63.8 billion, $0.5 billion more than the $63.3 billion in April, revised. May exports were $2.7 billion more than April exports of $115.9 billion. May imports were $3.2 billion more than April imports of $179.3 billion.

In May, the goods deficit increased $0.5 billion from April to $70.1 billion, and the services surplus was virtually unchanged at $6.2 billion. Exports of goods increased $2.4 billion to $84.2 billion, and imports of goods increased $2.9 billion to $154.3 billion.

Exports of services increased $0.4 billion to $34.4 billion, and imports of services increased $0.3 billion to $28.2 billion.In May, the goods and services deficit was up $7.2 billion from May 2005. Exports were up $13.3 billion, or 12.6 %, and imports were up $20.5 billion, or 12.7%.

Goods

The April to May change in exports of goods reflected increases in capital goods ($0.8 billion); industrial supplies and materials ($0.8 billion); consumer goods ($0.5 billion); foods, feeds, and beverages ($0.4 billion); and other goods ($0.1 billion). A decrease occurred in automotive vehicles, parts, and engines ($0.1 billion).

The April to May change in imports of goods reflected increases in industrial supplies and materials ($3.4 billion) and capital goods ($0.2 billion). Decreases occurred in automotive vehicles, parts, and engines $0.5 billion) and foods, feeds, and beverages ($0.1 billion).Consumer goods and other goods were virtually unchanged.

The May 2005 to May 2006 change in exports of goods reflected increases in capital goods ($4.5 billion); industrial supplies and materials ($3.3 billion); consumer goods ($1.0 billion); automotive vehicles, parts, and engines ($0.7 billion); other goods ($0.4 billion); and foods, feeds, and beverages ($0.3 billion).

The May 2005 to May 2006 change in imports of goods reflected increases in industrial supplies and materials ($11.8 billion); capital goods ($3.4 billion); consumer goods ($1.3 billion); automotive vehicles, parts, and engines ($1.1 billion); foods, feeds, and beverages ($0.5 billion); and other goods ($0.1 billion).

Services

Services exports increased $0.4 billion from April to May.The increase was mostly accounted for by increases in other private services (which includes items such as business,professional, and technical services, insurance services, and financial services), travel, and passenger fares. Changes in other categories of services exports were small. Services imports increased $0.3 billion from April to May.

The increase was mostly accounted for by increases in other transportation (which includes freight and port services) and other private services. Changes in other categories of services imports were small. From May 2005 to May 2006, services exports increased $3.1 billion.

The largest increases were in other private services ($1.4 billion), other transportation ($0.7 billion),and royalties and license fees ($0.5 billion).From May 2005 to May 2006, services imports increased $2.3 billion. The largest increases were in other private services ($1.3 billion) and other transportation ($0.4 billion).

Goods and Services Moving Average

For the three months ending in May, exports of goods and services averaged $116.8 billion, while imports of goods and services averaged $179.9 billion, resulting in an average trade deficit of $63.0 billion. For he three months ending in April, the average trade deficit was $62.6 billion, reflecting average exports of $115.2 billion and average imports of $177.9 billion.

Selected Not Seasonally Adjusted Goods Details

The May figures showed surpluses, in billions of dollars, with Hong Kong $0.8 ($0.8 for April), Australia $0.8 ($0.8), Singapore $0.6 ($0.6), Egypt $0.2 ($0.1), and Argentina $0.1 ($0.1). Deficits were recorded, in billions of dollars, with China $17.7 ($17.0), Europe $13.5 ($11.2), the European Union $10.8 ($9.4), OPEC $10.2 ($8.1), Japan $7.1 ($7.8), Canada $5.8 ($6.2), Mexico $5.5 ($4.9), Korea $1.7 ($0.8), Taiwan $1.4 ($1.3), and Brazil $0.4 ($0.6).

Advanced technology products (ATP) exports were $19.9 billion in May and imports were $22.9 billion, resulting in a deficit of $2.9 billion. May exports were $0.2 billion more than the $19.8 billion in April, while imports were $1.4 billion more than the $21.5 billion in April.

Revisions

Goods carry-over in May was $0.2 billion (0.3%) for exports and $1.0 billion (0.6%) for imports. For April, revised export carry-over was virtually zero, revised down from $0.2 billion (0.2%). For April, revised import carry-over was $0.1 billion (0.1%), revised down from $0.8 billion (0.5%). Services exports for April were revised up $0.3 billion to $34.1 billion; the revision was accounted for by upward revisions in travel and other transportation. Services imports for April were revised up $0.1 billion to $27.9 billion; the revision was mostly accounted for by an upward revision in travel.