The 2020 Mid-Year Economic Update_long

The Goods and Services Deficit Increased in May

Year-to-date, the goods and services deficit increased 6.4% from the same period in 2018.

The goods and services deficit was $55.5 billion in May, up $4.3 billion from $51.2 billion in April, revised, according to the U.S. Census Bureau and the U.S. Bureau of Economic Analysis.

May exports were $210.6 billion, $4.2 billion more than April exports. May imports were $266.2 billion, $8.5 billion more than April imports.

The May increase in the goods and services deficit reflected an increase in the goods deficit of $4.4 billion to $76.1 billion and an increase in the services surplus of $0.1 billion to $20.6 billion.

Year-to-date, the goods and services deficit increased $15.7 billion, or 6.4%, from the same period in 2018. Exports increased $5.1 billion or 0.5%. Imports increased $20.8 billion or 1.6%.

Exports of goods increased $3.9 billion to $140.8 billion in May while exports of services increased $0.3 billion to $69.8 billion.

Imports of goods increased $8.3 billion to $217 billionduring the month while imports of services increased $0.2 billion to $49.2 billion.

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