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Exports, Imports Both Fall as Trade Deficit Climbs

Wednesday, July 08, 2015
Sandler, Travis & Rosenberg Trade Report

The monthly U.S. trade deficit in goods and services rose 2.9 percent in May to $41.9 billion, according to trade statistics released July 7 by the Department of Commerce.

Total Imports and Exports. Imports were virtually unchanged in May at $230.5 billion while exports fell 0.8 percent to $188.6 billion. The year-to-date deficit was up 0.5 percent from a year earlier as exports fell 2.7 percent and imports dropped 2.2 percent.

Goods. The goods deficit grew by 2.0 percent to $61.5 billion. Imports of goods edged downward to $189.2 billion, with decreases of $800 million in drilling and oilfield equipment, $400 million in crude oil and $300 million in organic chemicals. Exports of goods totaled $127.7 billion, down 1.0 percent, including a $1.2 billion decrease in civilian aircraft but a $500 million increase in fuel oil and another $500 million rise in other petroleum products.

Services. The services surplus saw little movement and totaled $19.6 billion. Imports and exports both saw small increases and totaled $41.2 billion and $60.9 billion, respectively.

Country/Region

Deficit $billion

% Change

Surplus $billion

% Change

China

30.6

+11.3

European Union

13.4

+12.6

Japan

6.4

-4.5

Germany

6.4

+8.5

Mexico

4.1

-2.3

Italy

2.5

+13.6

South Korea

2.4

+14.3

India

2.0

+33.3

France

1.5

+36.4

Saudi Arabia

0.4

+300

United Kingdom

0.1

-90

Canada

0.2

n/a

South/Central America

4.2

+40

Brazil

0.9

+12.5

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