Background

The U.S. trade deficit in goods and services climbed again in May, up 9.6 percent, but decreases in imports and exports were markedly lower than the previous month.

According to trade statistics released July 2 by the Department of Commerce, the monthly trade deficit of $54.6 billion reflected decreases of 4.4 percent in exports to $144.5 billion and 0.9 percent in imports to $199.1 billion. DOC states that the deficit was down 9.1 percent from May 2019 as exports fell 14.0 percent and imports fell 13.1 percent.

The deficit in goods trade rose 5.8 percent from April to May to $76.1 billion. Imports of goods were down 0.8 percent to $166.0 billion, compared to a 13.2 drop from March to April. Imports fell by $3.0 billion in passenger cars, $600 million in automotive parts and accessories, and $400 million in computers. However, there were also increases of $1.8 billion in textile, apparel, and household goods and $1.2 billion each in cell phones and other household goods, non-monetary gold, and finished metal shapes.

Exports of goods were down 5.8 percent to $90.0 billion, compared to a 25.2 percent plunge the previous month. Decreases included $1.6 billion in other petroleum products, $700 million in crude oil, $600 million in fuel oil, $400 million in semiconductors, and $300 million in computer accessories.

The services surplus was down 2.7 percent to $21.5 billion, with imports down 1.5 percent to $33.1 billion and exports down 2.0 percent to $54.5 billion.

Country/region

Deficit

% Change

Surplus

% Change

China

$27.9 billion

+7.3

   

European Union

$12.7 billion

-11.2

   

Mexico

$4.2 billion

+27.3

   

Germany

$3.9 billion

-2.5

   

Japan

$3.2 billion

-11.1

   

Taiwan

$2.6 billion

+18.2

   

South Korea

$1.9 billion

-17.4

   

Singapore

$1.6 billion

+45.5

   

Italy

$1.4 billion

-30.0

   

India

$1.2 billion

-63.2

   

Canada

$1.2 billion

+200.0

   

France

$1.1 billion

-21.4

   

Saudi Arabia

$0.1 billion

Change from $0.3 billion surplus

   
         

South/Central America

   

$1.9 billion

-34.5

Brazil

   

$0.4 billion

-50.0

United Kingdom

   

$0.2 billion

Change from $0.4 billion deficit

Hong Kong

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