The 2020 Mid-Year Economic Update_long

May U.S. Exports, Imports Decrease

Goods and services deficit up $1.2 billion year-over-year.

May exports were $188.6 billion and imports were $230.5 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 $41.9 billion in May, up $1.2 billion from April. May exports were down $1.5 billion from April, and May imports were down $0.3 billion from April.

The May increase in the goods and services deficit reflected an increase in the goods deficit of $1.2 billion and an increase in the services surplus of less than $0.1 billion.

Year-over-year, the goods and services deficit increased $1.2 billion from May 2014. Exports decreased $6.8 billion and imports decreased $5.6 billion.

Exports of goods decreased $1.6 billion to $127.7 billion in May. The decrease mostly reflected a decrease in capital goods of $2.4 billion. Industrial supplies and materials increased $0.8 billion.

Exports of services increased $0.1 billion to $60.9 billion in May mainly due to a $0.1 billion increase in other business services, which includes research and development services; professional and management services; and technical, trade-related and other services.

Imports of goods decreased $0.4 billion to $189.2 billion in May. The decrease mostly reflected decreases in industrial supplies and materials ($0.6 billion) and capital goods ($0.8 billion).

Imports of services increased $0.1 billion to $41.2 billion mainly due to an increase of $0.1 billion in transport, which includes freight and port services and passenger fares.

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