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U.S. International Trade in Goods and Services, May 2024
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $75.1 billion in May, up $0.6 billion from $74.5 billion in April, revised.
| Deficit: | $75.1 Billion | +0.8%° |
| Exports: | $261.7 Billion | –0.7%° |
| Imports: | $336.7 Billion | –0.3%° |
Next release: Tuesday, August 6, 2024 (°) 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 3, 2024 | ||
Exports, Imports, and Balance (exhibit 1)
May exports were $261.7 billion, $1.8 billion less than April exports. May imports were $336.7 billion, $1.2 billion less than April imports.
The May increase in the goods and services deficit reflected an increase in the goods deficit of $0.9 billion to $100.2 billion and an increase in the services surplus of $0.3 billion to $25.1 billion.
Year-to-date, the goods and services deficit increased $14.4 billion, or 4.2 percent, from the same period in 2023. Exports increased $42.8 billion or 3.4 percent. Imports increased $57.2 billion or 3.6 percent.
Three-Month Moving Averages (exhibit 2)
The average goods and services deficit increased $2.0 billion to $72.7 billion for the three months ending in May.
- Average exports decreased $1.5 billion to $262.2 billion in May.
- Average imports increased $0.5 billion to $334.9 billion in May.
Year-over-year, the average goods and services deficit increased $6.3 billion from the three months ending in May 2023.
- Average exports increased $9.3 billion from May 2023.
- Average imports increased $15.6 billion from May 2023.
Exports (exhibits 3, 6, and 7)
Exports of goods decreased $2.9 billion to $169.6 billion in May.
Exports of goods on a Census basis decreased $3.1 billion.
- Industrial supplies and materials decreased $2.1 billion.
- Nonmonetary gold decreased $0.5 billion.
- Other petroleum products decreased $0.4 billion.
- Fuel oil decreased $0.4 billion.
- Automotive vehicles, parts, and engines decreased $0.5 billion.
- Trucks, buses, and special purpose vehicles decreased $0.3 billion.
- Other automotive parts and accessories decreased $0.2 billion.
Net balance of payments adjustments increased $0.1 billion.
Exports of services increased $1.1 billion to $92.1 billion in May.
- Travel increased $0.8 billion.
Imports (exhibits 4, 6, and 8)
Imports of goods decreased $2.0 billion to $269.7 billion in May.
Imports of goods on a Census basis decreased $1.9 billion.
- Consumer goods decreased $2.0 billion.
- Pharmaceutical preparations decreased $4.2 billion.
- Cell phones and other household goods increased $1.0 billion.
- Automotive vehicles, parts, and engines decreased $1.5 billion.
- Passenger cars decreased $0.6 billion.
- Other automotive parts and accessories decreased $0.5 billion.
- Industrial supplies and materials increased $1.4 billion.
- Crude oil increased $1.0 billion.
- Nuclear fuel materials increased $0.9 billion.
Net balance of payments adjustments decreased $0.2 billion.
Imports of services increased $0.9 billion to $67.0 billion in May.
- Transport increased $0.4 billion.
- Travel increased $0.2 billion.
Real Goods in 2017 Dollars – Census Basis (exhibit 11)
The real goods deficit increased $0.4 billion, or 0.5 percent, to $94.5 billion in May, compared to a 1.2 percent increase in the nominal deficit.
- Real exports of goods decreased $1.3 billion, or 0.9 percent, to $141.3 billion, compared to a 1.8 percent decrease in nominal exports.
- Real imports of goods decreased $0.8 billion, or 0.4 percent, to $235.8 billion, compared to a 0.7 percent decrease in nominal imports.
Revisions
Revisions to April exports
- Exports of goods were revised down $0.2 billion.
- Exports of services were revised down less than $0.1 billion.
Revisions to April imports
- Imports of goods were revised down $0.2 billion.
- Imports of services were revised down $0.2 billion.
Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)
The May figures show surpluses, in billions of dollars, with
- Netherlands ($4.1),
- South and Central America ($3.5),
- Australia ($1.9),
- Hong Kong ($1.6),
- Singapore ($1.3),
- Brazil ($0.5), and
- Belgium ($0.4).
Deficits were recorded, in billions of dollars, with
- China ($23.9),
- European Union ($19.3),
- Mexico ($14.1),
- Vietnam ($10.3),
- Germany ($7.3),
- Japan ($6.3),
- South Korea ($6.2),
- Ireland ($5.7),
- Taiwan ($5.3),
- Canada ($5.0),
- Italy ($4.8),
- India ($3.8),
- Malaysia ($2.0),
- France ($1.7),
- Switzerland ($1.7),
- Israel ($0.6),
- Saudi Arabia ($0.1), and
- United Kingdom (less than $0.1).
- The deficit with China increased $1.9 billion to $23.9 billion in May. Exports decreased $0.5 billion to $11.7 billion and imports increased $1.3 billion to $35.6 billion.
- The deficit with Mexico increased $1.3 billion to $14.1 billion in May. Exports decreased $0.7 billion to $27.4 billion and imports increased $0.7 billion to $41.6 billion.
- The deficit with Ireland decreased $3.0 billion to $5.7 billion in May. Exports increased $0.1 billion to $1.6 billion and imports decreased $2.9 billion to $7.3 billion.
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