The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $43.1 billion in May, down $3.0 billion from $46.1 billion in April, revised.

Exports, Imports, and Balance (Exhibit 1)

May exports were $215.3 billion, $4.1 billion more than April exports. May imports were $258.4 billion, $1.1 billion more than April imports.

The May decrease in the goods and services deficit reflected a decrease in the goods deficit of $2.6 billion to $65.8 billion and an increase in the services surplus of $0.5 billion to $22.7 billion.

Year-to-date, the goods and services deficit increased $17.9 billion, or 7.9 percent, from the same period in 2017. Exports increased $84.5 billion or 8.8 percent. Imports increased $102.4 billion or 8.6 percent.

Exports (Exhibits 3, 6, and 7)

Exports of goods increased $3.7 billion to $144.9 billion in May.

Exports of goods on a Census basis increased $3.6 billion.

• Capital goods increased $2.0 billion.
  • Civilian aircraft increased $1.9 billion.
• Foods, feeds, and beverages increased $1.7 billion.
  • Soybeans increased $2.0 billion.
• Other goods increased $0.9 billion.
• Industrial supplies and materials decreased $1.3 billion.
  • Other petroleum products decreased $0.9 billion.

Exports of services increased $0.4 billion to $70.4 billion in May.

• Transport increased $0.1 billion.
• Other business services, which includes research and development services; professional and management services; and technical, trade-related, and other services, increased $0.1 billion.
• Financial services increased $0.1 billion.

Imports (Exhibits 4, 6, and 8)

Imports of goods increased $1.1 billion to $210.7 billion in May.

Imports of goods on a Census basis increased $1.0 billion.

• Capital goods increased $2.1 billion.
  • Telecommunications equipment increased $0.6 billion.
  •  Computers increased $0.4 billion.
  • Civilian aircraft parts increased $0.3 billion.
  • Civilian aircraft engines increased $0.2 billion.
• Consumer goods decreased $0.5 billion.
  • Pharmaceutical preparations decreased $0.6 billion.
•  Other goods decreased $0.4 billion.

Imports of services decreased $0.1 billion to $47.7 billion in May.

• Transport decreased $0.1 billion.
• Travel (for all purposes including education) decreased $0.1 billion.
• Other business services increased $0.1 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 ($3.6), Hong Kong ($2.8), Singapore ($0.9), Brazil ($0.8), United Kingdom ($0.6), and Saudi Arabia (less than $0.1). Deficits were recorded, in billions of dollars, with China ($32.0), European Union ($11.9), Japan ($6.0), Mexico ($5.8), Germany ($5.7), Italy ($2.6), Canada ($2.2), India ($1.9), Taiwan ($1.4), South Korea ($1.4), France ($1.2), and OPEC ($0.2).

• The deficit with members of OPEC decreased $3.1 billion to $0.2 billion in May. Exports increased $1.3 billion to $5.8 billion and imports decreased $1.9 billion to $6.0 billion.
• The deficit with the European Union decreased $1.3 billion to $11.9 billion in May. Exports increased $0.2 billion to $27.5 billion and imports decreased $1.2 billion to $39.3 billion.
• The deficit with China increased $1.2 billion to $32.0 billion in May. Exports increased $0.6 billion to $11.7 billion and imports increased $1.8 billion to $43.7 billion.