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US International Trade in Goods and Services, May 2022

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The US Census Bureau and the US Bureau of Economic Analysis announced today that deficit of goods and services it was $85.5 billion in May, down $1.1 billion from the revised $86.7 billion in April.

International trade deficit in US goods and services
Deficit:

85.5 billion dollars

1.3%

Exports:

255.9 billion dollars

+1.2%

Imports:

341.4 billion dollars

+0.6%

Next publication: Thursday, August 4, 2022

() Statistical significance is not applicable or measurable. Data adjusted for seasonality, but not price changes

Source: US Census Bureau, US Bureau of Economic Analysis; US International Trade in Goods and Services, July 7, 2022

Exports, imports and balance (export 1)

May exports were $255.9 billion, $3.0 billion more than April exports. May imports were $341.4 billion, $1.9 billion more than April imports.

The decrease in the goods and services deficit in May reflected a decrease in the goods deficit of $2.9 billion to $105.0 billion and a decrease in the services surplus of $1.7 billion to $19.4 billion.

Year-to-date, the goods and services deficit increased $126.5 billion, or 38.4 percent, from the same period in 2021. Exports increased $197.1 billion, or 19.4 percent. Imports increased by $323.6 billion or 24.0 percent.

Three-month moving average (exhibit 2)

The average deficit in goods and services fell $0.9 billion to $93.3 billion for the three months ending in May.

  • Average exports rose by $7.7 billion to $251.0 billion in May.
  • Average imports rose by $6.9 billion to $344.2 billion in May.

Year-over-year, the average goods and services deficit rose $26.5 billion from the three months ending in May 2021.

  • Average exports rose $42.5 billion from May 2021.
  • Average imports increased $69.0 billion from May 2021.

Exports (exhibits 3, 6 and 7)

Merchandise exports rose by $3.0 billion to $179.0 billion in May.

Census-based merchandise exports rose $2.7 billion.

  • Industrial supplies and materials increased by $3.3 billion.
    • Crude oil rose $1.1 billion.
    • Non-monetary gold rose $1.0 billion.
    • Natural gas increased by $0.9 billion.
    • Fuel oil fell $0.7 billion.
  • Consumer goods increased by $0.6 billion.
    • Pharmaceutical preparations increased by $1.0 billion.
    • Works of art and other collectibles fell $0.4 billion.
  • Food, snacks and beverages fell $1.6 billion.
    • Soybeans fell $1.9 billion.

Net balance of payments adjustments increased by $0.3 billion.

Services exports rose less than $0.1 billion to $76.9 billion in May.

  • Financial services increased by $0.2 billion.
  • Government goods and services increased by $0.2 billion.
  • Travel decreased by $0.5 billion.

Imports (exhibits 4, 6 and 8)

Merchandise imports rose $0.1 billion to $284.0 billion in May.

Census-based merchandise imports fell $0.1 billion.

  • Industrial supplies and materials rose $1.8 billion.
    • Crude oil rose $0.9 billion.
    • Other petroleum products increased by $0.8 billion.
    • Organic chemicals fell $0.8 billion.
  • Consumer goods fell by $1.5 billion.
    • Precious diamonds fell $0.6 billion.
    • Cotton clothing and household goods fell $0.4 billion.
    • Televisions and video equipment fell $0.3 billion.
    • Furniture and other household goods fell $0.3 billion.
    • Other textile clothing and household goods fell $0.3 billion.
    • Pharmaceutical preparations increased by $1.0 billion.

Net balance of payments adjustments increased by $0.3 billion.

Imports of services rose by $1.8 billion to $57.5 billion in May.

  • Travel increased $1.0 billion.
  • Shipping increased $0.4 billion.

Real Goods in Census 2012 Dollars (Exhibit 11)

The real goods deficit rose $0.2 billion to $116.6 billion in May.

  • Real merchandise exports fell $2.0 billion to $152.7 billion.
  • Real merchandise imports fell $1.8 billion to $269.3 billion.

review

April export reviews

  • Merchandise exports were revised up by $0.1 billion.
  • Services exports were revised up to $0.3 billion.

Reviews of April imports

  • Merchandise imports were revised down to less than $0.1 billion.
  • Imports of services were revised up by $0.2 billion.

Goods by selected countries and areas: Monthly basis of registration (exhibit 19)

May figures show surpluses, in billions of dollars, with South and Central America ($7.1), the Netherlands ($2.5), Hong Kong ($2.0), the United Kingdom ($1.6), Brazil ($1.5), Singapore ($1.4 dollars), Belgium (1.1 dollars). ), and Australia ($1.0). Deficits were recorded, in billions of dollars, with China ($32.2), the European Union ($17.1), Vietnam ($11.1), Mexico ($9.9), Canada ($9.8), Germany ($6.1), Ireland ($6.0 ), Japan ($5.9), South Korea ($4.1), Taiwan ($3.9), Italy ($3.8), India ($3.7), Malaysia ($2.9), Switzerland ($1.9), Saudi Arabia ($1.4 dollars), France ($0.6) and Israel ($0.4).

  • The deficit with China fell $2.8 billion to $32.2 billion in May. Exports increased by $0.5 billion to $12.5 billion and imports decreased by $2.3 billion to $44.7 billion.
  • The deficit with Mexico narrowed by $1.6 billion to $9.9 billion in May. Exports increased by $0.8 billion to $28.7 billion and imports decreased by $0.7 billion to $38.6 billion.
  • The deficit with Canada widened $0.9 billion to $9.8 billion in May. Exports decreased by $1.1 billion to $29.5 billion and imports decreased by $0.2 billion to $39.3 billion.

* * *

All statistics referenced are seasonally adjusted; statistics are based on the balance of payments, unless otherwise specified. Additional statistics, including non-seasonally adjusted statistics and details for Census commodities, are available in Exhibits 1-20b of this publication. For information on data sources, definitions and review procedures, see the explanatory notes in this publication. You can find the full publication at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services. The full schedule is available in the Economic Conference Room of the Registration Bureau at www.census.gov/economic-indicators/ or on the BEA website at www.bea.gov/news/schedule.

* * *

Next release: August 4, 2022, at 8:30 am EDT
US International Trade in Goods and Services, June 2022

Sources

1/ https://Google.com/

2/ https://www.bea.gov/news/2022/us-international-trade-goods-and-services-may-2022

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