The 2020 Mid-Year Economic Update_long

May U.S. Exports Increase, Imports Decrease

Goods deficit decreases $2.4 billion from April.

Total May exports were $195.5 billion and imports were $239.8 billion, according to the U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce. This resulted in a goods and services deficit of $44.4 billion, down from $47 billion in April. May exports were $2 billion more than April exports of $193.5 billion. May imports were $0.7 billion less than April imports of $240.5 billion.

In May, the goods deficit decreased $2.4 billion from April to $63.3 billion, and the services surplus increased $0.3 billion from April to $18.9 billion. Exports of goods increased $1.6 billion to $136.7 billion, and imports of goods decreased $0.7 billion to $200 billion. Exports of services increased $0.3 billion to $58.8 billion, and imports of services were virtually unchanged at $39.9 billion.

The goods and services deficit decreased $0.4 billion from May 2013 to May 2014. Exports were up $8.3 billion, or 4.4 percent, and imports were up $7.8 billion, or 3.4 percent.

The April to May increase in exports of goods reflected increases in automotive vehicles, parts and engines (up $0.8 billion); other goods (up $0.5 billion); consumer goods (up $0.4 billion); industrial supplies and materials (up $0.2 billion); and foods, feeds and beverages (up $0.1 billion).  A decrease occurred in capital goods (down $0.2 billion).

The April to May decrease in imports of goods reflected decreases in industrial supplies and materials (down $1.7 billion); other goods (down $0.7 billion); consumer goods (down $0.5 billion); and foods, feeds and beverages (down $0.2 billion). Increases occurred in automotive vehicles, parts and engines (up $1.3 billion) and capital goods (up $1 billion).

Exports of services increased $0.3 billion from April to May. The increase was mostly accounted for by increases in travel (up $0.2 billion) and in transport (up $0.1 billion), which includes freight and port services and passenger fares. Changes in the other categories of services exports were relatively small.

Imports of services were virtually unchanged from April to May. Changes in all categories of services imports were small and mostly offsetting.

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