U.S. Census Bureau U.S. Bureau of Economic Analysis NEWS U.S. Department of Commerce * Washington, DC 20230 FOR IMMEDIATE RELEASE 8:30 A.M. EDT WEDNESDAY, JULY 11, 2012 For information on goods contact: U.S. Census Bureau: Matthew Przybocki 301-763-3148 Maria Iseman 301-763-2311 For information on services contact: U.S. Bureau of Economic Analysis: Technical:Edward Dozier 202-606-9559 Media: Ralph Stewart 202-606-2649 CB12-123, BEA12-31, FT-900 (12-05) U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES May 2012 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 $183.1 billion and imports of $231.8 billion resulted in a goods and services deficit of $48.7 billion, down from $50.6 billion in April, revised. May exports were $0.4 billion more than April exports of $182.7 billion. May imports were $1.6 billion less than April imports of $233.3 billion. In May, the goods deficit decreased $1.6 billion from April to $63.5 billion, and the services surplus increased $0.3 billion from April to $14.8 billion. Exports of goods were virtually unchanged at $130.7 billion, and imports of goods decreased $1.6 billion to $194.3 billion. Exports of services increased $0.3 billion to $52.4 billion, and imports of services increased $0.1 billion to $37.5 billion. The goods and services deficit increased $1.0 billion from May 2011 to May 2012. Exports were up $7.4 billion, or 4.2 percent, and imports were up $8.4 billion, or 3.8 percent. Goods (Census Basis) The April to May increase in exports of goods reflected increases in foods, feeds, and beverages ($0.9 billion) and capital goods ($0.7 billion). Decreases occurred in industrial supplies and materials ($0.8 billion); consumer goods ($0.2 billion); and automotive vehicles, parts, and engines ($0.1 billion). Other goods were virtually unchanged. The April to May decrease in imports of goods reflected decreases in industrial supplies and materials ($3.6 billion); consumer goods ($0.4 billion); and foods, feeds, and beverages ($0.1 billion). Increases occurred in capital goods ($1.4 billion); automotive vehicles, parts, and engines ($0.7 billion); and other goods ($0.3 billion). The May 2011 to May 2012 increase in exports of goods reflected increases in capital goods ($2.6 billion); automotive vehicles, parts, and engines ($1.3 billion); foods, feeds, and beverages ($0.9 billion); industrial supplies and materials ($0.6 billion); and consumer goods ($0.5 billion). A decrease occurred in other goods ($0.1 billion). The May 2011 to May 2012 increase in imports of goods reflected increases in automotive vehicles, parts, and engines ($5.6 billion); capital goods ($4.5 billion); other goods ($0.7 billion); consumer goods ($0.4 billion); and foods, feeds, and beverages ($0.1 billion). A decrease occurred in industrial supplies and materials ($4.6 billion). Services Exports of services increased $0.3 billion from April to May. The increase was mostly accounted for by increases in other private services ($0.2 billion), which includes items such as business, professional, and technical services, insurance services, and financial services, and passenger fares ($0.1 billion). Changes in the other categories of services exports were small. Imports of services increased $0.1 billion from April to May. The increase was more than accounted for by an increase in other private services ($0.1 billion). A decrease in passenger fares ($0.1 billion) was partly offsetting. Changes in the other categories of services imports were small. The May 2011 to May 2012 increase in exports of services was $1.6 billion. The largest increases were in travel ($0.8 billion), royalties and license fees ($0.3 billion), other private services ($0.3 billion), and passenger fares ($0.3 billion). Within other private services, the largest increase was in business, professional, and technical services. The May 2011 to May 2012 increase in imports of services was $2.1 billion. The largest increases were in other private services ($0.7 billion), travel ($0.6 billion), and royalties and license fees ($0.6 billion). Within other private services, the largest increase was in business, professional, and technical services. Goods and Services Moving Average For the three months ending in May, exports of goods and services averaged $183.4 billion, while imports of goods and services averaged $234.1 billion, resulting in an average trade deficit of $50.6 billion. For the three months ending in April, the average trade deficit was $49.5 billion, reflecting average exports of $182.4 billion and average imports of $231.9 billion. Selected Not Seasonally Adjusted Goods Details The May figures show surpluses, in billions of dollars, with Hong Kong $2.9 ($3.3 for April), Australia $1.7 ($1.6), Singapore $1.0 ($0.7), and Egypt $0.1 ($0.2). Deficits were recorded, in billions of dollars, with China $26.0 ($24.6), OPEC $11.2 ($11.5), European Union $10.5 ($8.7), Japan $6.4 ($6.3), Mexico $6.3 ($5.4), Germany $4.9 ($4.6), Ireland $2.7 ($1.9), Canada $2.2 ($3.3), Korea $2.0 ($1.8), Venezuela $1.6 ($2.1), Nigeria $1.4 ($1.7), and Taiwan $1.3 ($1.3). Advanced technology products exports were $24.8 billion in May and imports were $33.4 billion, resulting in a deficit of $8.7 billion. May exports were $1.1 billion more than the $23.7 billion in April, while May imports were $3.1 billion more than the $30.3 billion in April. Revisions Census Basis (not seasonally adjusted) For April, exports of goods were virtually unrevised and imports of goods were revised up $0.3 billion. Goods carry- over in May was $0.1 billion (0.1 percent) for exports and $1.4 billion (0.7 percent) for imports. For April, revised export carry-over was virtually zero. For April, revised import carry-over was $0.1 billion (0.1 percent). Balance of Payments Basis (seasonally adjusted) For April, exports of goods were virtually unrevised and imports of goods were revised up $0.4 billion. For April, exports of services were revised down $0.2 billion, reflecting downward revisions in travel and passenger fares. For April, imports of services were unrevised, reflecting small offsetting revisions to several categories. Table of Contents Seasonally Adjusted Exhibit 1 U.S. International Trade in Goods and Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Exhibit 2 U.S. International Trade in Goods and Services Three-month Moving Averages . . . . . . . 2 Exhibit 3 U.S. Services by Major Category – Exports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Exhibit 4 U.S. Services by Major Category – Imports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Exhibit 5 U.S. Trade in Goods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Exhibit 6 Exports and Imports of Goods by Principal End-Use Category . . . . . . . . . . . . . . . . . . . . 6 Exhibit 7 Exports of Goods by End-Use Category and Commodity . . . . . . . . . . . . . . . . . . . . . . . . . 7 Exhibit 8 Imports of Goods by End-Use Category and Commodity . . . . . . . . . . . . . . . . . . . . . . . . . 9 Exhibit 9 Exports, Imports, and Balance of Goods, Petroleum and Non-Petroleum End-Use Category Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Exhibit 10 Real Exports and Imports of Goods by Principal End-Use Category - Chained (2005) Dollars . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Exhibit 11 Real Exports, Imports, and Balance of Goods, Petroleum and Non-Petroleum End-Use Commodity Category Totals - Chained (2005) Dollars . . . . . . . . . . . . . . . . . . . . . . 13 Not Seasonally Adjusted Exhibit 12 U.S. Trade in Goods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Exhibit 13 Exports and Imports of Goods by Principal End-Use Category . . . . . . . . . . . . . . . . . . . . 15 Exhibit 14 Exports, Imports, and Balance of Goods by Selected Countries and Areas . . . . . . . . . . . . 16 Exhibit 15 Exports and Imports of Goods by Principal SITC Commodities . . . . . . . . . . . . . . . . . . . . 18 Exhibit 16 Exports, Imports, and Balance of Advanced Technology Products . . . . . . . . . . . . . . . . . . 20 Exhibit 16a Exports, Imports, and Balance of Advanced Technology Products by Technology Group and Selected Countries and Areas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Exhibit 17 Imports of Energy-Related Petroleum Products, Including Crude Oil . . . . . . . . . . . . . . . 22 Exhibit 18 Exports and Imports of Motor Vehicles and Parts by Selected Countries . . . . . . . . . . . . . 23 Information on Goods and Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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