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Trade Deficit Up Again as Imports Rise, Exports Slip

Thursday, July 07, 2016
Sandler, Travis & Rosenberg Trade Report

Trade statistics released July 6 by the Department of Commerce show that the U.S. monthly trade deficit in goods and services rose 10.2 percent in May to $41.1 billion. Exports edged down 0.2 percent to $182.4 billion while imports gained 1.5 percent to $223.5 billion.

The goods deficit increased 6.3 percent in May to $62.2 billion. Imports of goods were up 1.9 percent to $182.1 billion, including increases of $1.3 billion in consumer goods and $1 billion in non-monetary gold along with a $900 million decrease in civilian aircraft. Exports of goods slipped 0.2 percent to $119.8 billion, with an increase of $500 million in foods, feeds and beverages offset by decreases of $400 million in civilian aircraft, $300 million in computer accessories and $300 million in automotive vehicles, parts and engines.

The services surplus fell 0.5 percent to $21.1 billion. Imports were nearly unchanged at $41.4 billion while exports lost 0.2 percent to $62.5 billion.

Country/region

Deficit

% Change

Surplus

% Change

China

$28.3 billion

+6.4

   

European Union

$11.9 billion

+0.9

   

Germany

$5.5 billion

-5.2

Mexico

$5.5 billion

+7.8

 

Japan

$5.0 billion

-16.7

Italy

$2.6 billion

+4.0

   

India

$2.1 billion

+31.3

   

South Korea

$2.0 billion

-33.3

   

Taiwan

$1.2 billion

+9.1

   

France

$1.1 billion

-35.3

   

Canada

$0.9 billion

+800

   

United Kingdom

$0.3 billion

Change from $0.7 billion surplus

   

Saudi Arabia

$0.2 billion 

Change from $0.3 billion surplus

   

South/Central America

   

$2.9 billion

0

Hong Kong

   

$1.9 billion

+18.8

Singapore

   

$0.5 billion

-44.4

Brazil

   

$0.5 billion

+25.0

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