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 $46.5 billion in May, down $1.1 billion from $47.6 billion in April, revised. May exports were $192.0 billion, $0.9 billion more than April exports. May imports were $238.5 billion, $0.2 billion less than April imports.

The May decrease in the goods and services deficit reflected a decrease in the goods deficit of $0.9 billion to $67.5 billion and an increase in the services surplus of $0.2 billion to $21.0 billion.

Exports (Exhibits 3, 6, and 7 in the FT-900)

Exports of goods increased $0.2 billion to $127.2 billion in May.

Exports of goods on a Census basis increased $0.1 billion.

• Consumer goods increased $0.9 billion.
  • Cell phones and other household goods increased $0.5 billion.
• Automotive vehicles, parts, and engines increased $0.6 billion.
  • Passenger cars increased $0.4 billion.
• Foods, feeds, and beverages decreased $0.7 billion.
  • Soybeans decreased $0.6 billion.

Exports of services increased $0.6 billion to $64.8 billion in May.

• Travel (for all purposes including education) increased $0.3 billion.
• Financial services increased $0.2 billion.

Imports (Exhibits 4, 6, and 8 in the FT-900)

Imports of goods decreased $0.6 billion to $194.7 billion in May.

Imports of goods on a Census basis decreased $0.7 billion.

• Consumer goods decreased $1.5 billion.
  • Cell phones and other household goods decreased $0.9 billion.
• Automotive vehicles, parts, and engines decreased $0.7 billion.
  • Passenger cars decreased $1.3 billion.
• Capital goods increased $1.3 billion.
  • Computers increased $0.5 billion.

Imports of services increased $0.4 billion to $43.8 billion in May.

• Travel (for all purposes including education) increased $0.2 billion.

Goods by Selected Countries and Areas: Census Basis (Exhibit 19)

The May figures show surpluses, in billions of dollars, with South and Central America ($2.4), Hong Kong ($2.3), Singapore ($0.8), Brazil ($0.8), and United Kingdom ($0.7). Deficits were recorded, in billions of dollars, with China ($30.1), European Union ($10.7), Mexico ($6.8), Japan ($6.4), Germany ($4.7), Italy ($2.4), Canada ($2.2), India ($2.0), Taiwan ($1.7), France ($1.7), OPEC ($1.1), South Korea ($0.8), and Saudi Arabia ($0.2).

• The deficit with the European Union decreased $2.6 billion to $10.7 billion in May. Exports increased $0.5 billion to $23.4 billion and imports decreased $2.0 billion to $34.0 billion.
• The deficit with China decreased $2.0 billion to $30.1 billion in May. Exports increased $0.6 billion to $11.3 billion and imports decreased $1.4 billion to $41.3 billion.

NOTE: All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified.