U.S. Bureau of Economic Analysis (BEA) May 2020 Trade Gap is $54.6 Billion

BEA News: U.S. International Trade in Goods and Services, May 2020
The U.S. Bureau of Economic Analysis (BEA) has issued the following news release today:

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $54.6 billion in May, up $4.8 billion from $49.8 billion in April, revised. May exports were $144.5 billion, $6.6 billion less than April exports. May imports were $199.1 billion, $1.8 billion less than April imports.

The full text of the release on BEA's website can be found at: www.bea.gov/news/2020/us-international-trade-goods-and-services-may-2020 

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May 2020 Trade Gap is $54.6 Billion    July 2, 2020      

The U.S. monthly international trade deficit increased in May 2020 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $49.8 billion in April (revised) to $54.6 billion in May, as exports decreased more than imports. The previously published April deficit was $49.4 billion. The goods deficit increased $4.2 billion in May to $76.1 billion. The services surplus decreased $0.6 billion in May to $21.5 billion.

Exports
Exports of goods and services decreased $6.6 billion, or 4.4 percent, in May to $144.5 billion. Exports of goods decreased $5.5 billion and exports of services decreased $1.1 billion.

• The decrease in exports of goods reflected decreases in industrial supplies and materials ($3.9 billion) and in capital goods ($0.9 billion).
• The decrease in exports of services reflected decreases in other business services ($0.6 billion), in financial services ($0.2 billion), and in charges for the use of intellectual property ($0.2 billion).

Imports
Imports of goods and services decreased $1.8 billion, or 0.9 percent, in May to $199.1 billion. Imports of goods decreased $1.3 billion and imports of services decreased $0.5 billion.

• The decrease in imports of goods reflected decreases in automotive vehicles, parts, and engines ($4.4 billion) and in capital goods ($0.6 billion). Increases in industrial supplies and materials ($2.3 billion) and in consumer goods ($1.9 billion) partly offset the decreases.
• The decrease in imports of services reflected decreases in charges for the use of intellectual property ($0.2 billion), in other business services ($0.1 billion), in travel ($0.1 billion), and in financial services ($0.1 billion).

For more information, read the full report.