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U.S. International Trade in Goods and Services, May 2017

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U.S. Census Bureau U.S. Bureau of Economic Analysis NEWS U.S. Department of Commerce * Washington, DC 20230 U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES May 2017 The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was .5 billion in May, down .1 billion from .6 billion in April, revised. May exports were 2.0 billion, %excerpt%.9 billion more than April exports. May imports were 8.5 billion, %excerpt%.2 billion less than April imports. The May

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                                     U.S. Census Bureau
                              U.S. Bureau of Economic Analysis
                                            NEWS
                     U.S. Department of Commerce * Washington, DC 20230
                       U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
                                          May 2017

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce,
announced today that the goods and services deficit was $46.5 billion in May, down $1.1 billion
from $47.6 billion in April, revised. May exports were $192.0 billion, $0.9 billion more than April
exports. May imports were $238.5 billion, $0.2 billion less than April imports.

The May decrease in the goods and services deficit reflected a decrease in the goods deficit of
$0.9 billion to $67.5 billion and an increase in the services surplus of $0.2 billion to $21.0
billion.

Year-to-date, the goods and services deficit increased $27.0 billion, or 13.1 percent, from the
same period in 2016. Exports increased $54.3 billion or 6.0 percent. Imports increased $81.4 billion
or 7.3 percent.

Goods and Services Three-Month Moving Averages (Exhibit 2)
The average goods and services deficit increased $0.5 billion to $46.5 billion for the three months
ending in May.
   * Average exports of goods and services increased $0.1 billion to $191.6 billion in May.
   * Average imports of goods and services increased $0.6 billion to $238.0 billion in May.

Year-over-year, the average goods and services deficit increased $7.4 billion from the three months
ending in May 2016.
   * Average exports of goods and services increased $10.2 billion from May 2016.
   * Average imports of goods and services increased $17.6 billion from May 2016.

Exports (Exhibits 3, 6, and 7)

Exports of goods increased $0.2 billion to $127.2 billion in May.
   Exports of goods on a Census basis increased $0.1 billion.
      * Consumer goods increased $0.9 billion.
         o Cell phones and other household goods increased $0.5 billion.
      * Automotive vehicles, parts, and engines increased $0.6 billion.
         o Passenger cars increased $0.4 billion.
      * Foods, feeds, and beverages decreased $0.7 billion.
         o Soybeans decreased $0.6 billion.
   Net balance of payments adjustments increased $0.1 billion.

Exports of services increased $0.6 billion to $64.8 billion in May.
      * Travel (for all purposes including education) increased $0.3 billion.
      * Financial services increased $0.2 billion.

Imports (Exhibits 4, 6, and 8)

Imports of goods decreased $0.6 billion to $194.7 billion in May.
   Imports of goods on a Census basis decreased $0.7 billion.
      * Consumer goods decreased $1.5 billion.
         o Cell phones and other household goods decreased $0.9 billion.
      * Automotive vehicles, parts, and engines decreased $0.7 billion.
         o Passenger cars decreased $1.3 billion.
      * Capital goods increased $1.3 billion.
         o Computers increased $0.5 billion.
   Net balance of payments adjustments increased less than $0.1 billion.

Imports of services increased $0.4 billion to $43.8 billion in May.
      * Travel (for all purposes including education) increased $0.2 billion.

Real Goods in 2009 Dollars – Census Basis (Exhibit 11)

The real goods deficit decreased $1.0 billion to $62.8 billion in May.
   * Real exports of goods increased $1.2 billion to $125.0 billion.
   * Real imports of goods increased $0.2 billion to $187.8 billion.

Revisions

Revisions to April exports
   * Exports of goods were revised upward less than $0.1 billion.
   * Exports of services were revised upward $0.2 billion.

Revisions to April imports
   * Imports of goods were revised upward less than $0.1 billion.
   * Imports of services were revised upward $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 ($2.4),
Hong Kong ($2.3), Singapore ($0.8), Brazil ($0.8), and United Kingdom ($0.7). Deficits were recorded,
in billions of dollars, with China ($30.1), European Union ($10.7), Mexico ($6.8), Japan ($6.4),
Germany ($4.7), Italy ($2.4), Canada ($2.2), India ($2.0), Taiwan ($1.7), France ($1.7), OPEC ($1.1),
South Korea ($0.8), and Saudi Arabia ($0.2).

   * The deficit with the European Union decreased $2.6 billion to $10.7 billion in May. Exports
     increased $0.5 billion to $23.4 billion and imports decreased $2.0 billion to $34.0 billion.
   * The deficit with China decreased $2.0 billion to $30.1 billion in May. Exports increased
     $0.6 billion to $11.3 billion and imports decreased $1.4 billion to $41.3 billion.

NOTES:

   * All statistics referenced are seasonally adjusted; statistics are on a balance of
     payments basis unless otherwise specified. Additional statistics, including not seasonally
     adjusted statistics and details for goods on a Census basis, are available in Exhibits 1-20b
     of this release. For information on data sources, definitions, revision procedures, and
     scheduled release dates through December 2017, see the information section on page A-1 of
     this release. The next release is August 4, 2017.

   * For definitions of goods on a balance of payments basis, goods on a Census basis, and net
     balance of payments adjustments, see the information section on page A-1 of this release.

Bureau of Economic Analysis
The BEA Advisory Committee advises the Director of BEA on matters related to the development and improvement of BEA’s national, regional, industry, and international economic accounts, especially in areas of new and rapidly growing economic activities arising from innovative and advancing technologies, and provides recommendations from the perspectives of the economics profession, business, and government.

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