U.S. International Trade in Goods and Services, May 2022

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $85.5 billion in May, down $1.1 billion from $86.7 billion in April, revised.

U.S. International Trade in Goods and Services Deficit

Deficit:	$85.5 Billion	−1.3%°
Exports:	$255.9 Billion	+1.2%°
Imports:	$341.4 Billion	+0.6%°
Next release: Thursday, August 4, 2022 (°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, July 7, 2022

May exports were $255.9 billion, $3.0 billion more than April exports. May imports were $341.4 billion, $1.9 billion more than April imports.

The May decrease in the goods and services deficit reflected a decrease in the goods deficit of $2.9 billion to $105.0 billion and a decrease in the services surplus of $1.7 billion to $19.4 billion.

Year-to-date, the goods and services deficit increased $126.5 billion, or 38.4 percent, from the same period in 2021. Exports increased $197.1 billion or 19.4 percent. Imports increased $323.6 billion or 24.0 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit decreased $0.9 billion to $93.3 billion for the three months ending in May.

• Average exports increased $7.7 billion to $251.0 billion in May.
• Average imports increased $6.9 billion to $344.2 billion in May.

Year-over-year, the average goods and services deficit increased $26.5 billion from the three months ending in May 2021.

• Average exports increased $42.5 billion from May 2021.
• Average imports increased $69.0 billion from May 2021.

Exports (exhibits 3, 6, and 7)

Exports of goods increased $3.0 billion to $179.0 billion in May.

  Exports of goods on a Census basis increased $2.7 billion.

• Industrial supplies and materials increased $3.3 billion.
  • Crude oil increased $1.1 billion.
  • Nonmonetary gold increased $1.0 billion.
  • Natural gas increased $0.9 billion.
  • Fuel oil decreased $0.7 billion.
• Consumer goods increased $0.6 billion.
  • Pharmaceutical preparations increased $1.0 billion.
  • Artwork and other collectibles decreased $0.4 billion.
• Foods, feeds, and beverages decreased $1.6 billion.
  • Soybeans decreased $1.9 billion.

  Net balance of payments adjustments increased $0.3 billion.

Exports of services increased less than $0.1 billion to $76.9 billion in May.

• Financial services increased $0.2 billion.
• Government goods and services increased $0.2 billion.
• Travel decreased $0.5 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $0.1 billion to $284.0 billion in May.

  Imports of goods on a Census basis decreased $0.1 billion.

• Industrial supplies and materials increased $1.8 billion.
  • Crude oil increased $0.9 billion.
  • Other petroleum products increased $0.8 billion.
  • Organic chemicals decreased $0.8 billion.
• Consumer goods decreased $1.5 billion.
  • Gem diamonds decreased $0.6 billion.
  • Cotton apparel and household goods decreased $0.4 billion.
  • Televisions and video equipment decreased $0.3 billion.
  • Furniture and other household goods decreased $0.3 billion.
  • Other textile apparel and household goods decreased $0.3 billion.
  • Pharmaceutical preparations increased $1.0 billion.

  Net balance of payments adjustments increased $0.3 billion.

Imports of services increased $1.8 billion to $57.5 billion in May.

• Travel increased $1.0 billion.
• Transport increased $0.4 billion.

Real Goods in 2012 Dollars – Census Basis (exhibit 11)

The real goods deficit increased $0.2 billion to $116.6 billion in May.

• Real exports of goods decreased $2.0 billion to $152.7 billion.
• Real imports of goods decreased $1.8 billion to $269.3billion.

Revisions

Revisions to April exports

• Exports of goods were revised down $0.1 billion.
• Exports of services were revised up $0.3 billion.

Revisions to April imports

• Imports of goods were revised down less than $0.1 billion.
• Imports of services were revised down $0.2 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)

The May figures show surpluses, in billions of dollars, with South and Central America ($7.1), Netherlands ($2.5), Hong Kong ($2.0), United Kingdom ($1.6), Brazil ($1.5), Singapore ($1.4), Belgium ($1.1), and Australia ($1.0). Deficits were recorded, in billions of dollars, with China ($32.2), European Union ($17.1), Vietnam ($11.1), Mexico ($9.9), Canada ($9.8), Germany ($6.1), Ireland ($6.0), Japan ($5.9), South Korea ($4.1), Taiwan ($3.9), Italy ($3.8), India ($3.7), Malaysia ($2.9), Switzerland ($1.9), Saudi Arabia ($1.4), France ($0.6), and Israel ($0.4).

• The deficit with China decreased $2.8 billion to $32.2 billion in May. Exports increased $0.5 billion to $12.5 billion and imports decreased $2.3 billion to $44.7 billion.
• The deficit with Mexico decreased $1.6 billion to $9.9 billion in May. Exports increased $0.8 billion to $28.7 billion and imports decreased $0.7 billion to $38.6 billion.
• The deficit with Canada increased $0.9 billion to $9.8 billion in May. Exports decreased $1.1 billion to $29.5 billion and imports decreased $0.2 billion to $39.3 billion.

Original source can be found here.