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U.S. International Trade in Goods and Services, May 2021

Summary:
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was .2 billion in May, up .2 billion from .1 billion in April, revised. U.S. International Trade in Goods and Services Deficit Deficit: .2 Billion +3.1%° Exports: 6.0 Billion +0.6%° Imports: 7.3 Billion +1.3%° Next release: Thursday, August 5, 2021 (°) 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 2, 2021 Exports, Imports, and Balance (exhibit 1) May exports were 6.0

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The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $71.2 billion in May, up $2.2 billion from $69.1 billion in April, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:

$71.2 Billion

+3.1%°

Exports:

$206.0 Billion

+0.6%°

Imports:

$277.3 Billion

+1.3%°

Next release: Thursday, August 5, 2021

(°) 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 2, 2021

U.S. International Trade in Goods and Services, May 2021

Exports, Imports, and Balance (exhibit 1)

May exports were $206.0 billion, $1.3 billion more than April exports. May imports were $277.3 billion, $3.5 billion more than April imports.

The May increase in the goods and services deficit reflected an increase in the goods deficit of $2.3 billion to $89.2 billion and an increase in the services surplus of $0.1 billion to $17.9 billion.

Year-to-date, the goods and services deficit increased $110.9 billion, or 45.8 percent, from the same period in 2020. Exports increased $101.6 billion or 11.4 percent. Imports increased $212.5 billion or 18.7 percent.

COVID-19 Impact on International Trade in Goods and Services

The global pandemic and the economic recovery continued to impact international trade in May 2021. The full economic effects of the pandemic cannot be quantified in the statistics because the impacts are generally embedded in source data and cannot be separately identified.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit increased $0.2 billion to $71.8 billion for the three months ending in May.

  • Average exports increased $5.8 billion to $204.5 billion in May.
  • Average imports increased $6.0 billion to $276.2 billion in May.

Year-over-year, the average goods and services deficit increased $20.1 billion from the three months ending in May 2020.

  • Average exports increased $43.2 billion from May 2020.
  • Average imports increased $63.3 billion from May 2020.

Exports (exhibits 3, 6, and 7)

Exports of goods increased $0.4 billion to $145.5 billion in May.

  Exports of goods on a Census basis increased $0.4 billion.

  • Consumer goods increased $1.0 billion.
    • Pharmaceutical preparations increased $0.8 billion.
  • Foods, feeds, and beverages increased $0.3 billion.
  • Automotive vehicles, parts, and engines decreased $0.5 billion.
    • Passenger cars decreased $0.4 billion.
  • Capital goods decreased $0.5 billion.
    • Civilian aircraft decreased $1.4 billion.
    • Semiconductors increased $0.4 billion.

  Net balance of payments adjustments increased less than $0.1 billion.

Exports of services increased $0.9 billion to $60.5 billion in May.

  • Travel increased $0.5 billion.
  • Charges for the use of intellectual property increased $0.2 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $2.7 billion to $234.7 billion in May.

  Imports of goods on a Census basis increased $2.6 billion.

  • Industrial supplies and materials increased $2.6 billion.
    • Crude oil increased $0.8 billion.
    • Fuel oil increased $0.6 billion.
    • Lumber increased $0.3 billion.
  • Foods, feeds, and beverages increased $0.8 billion.
  • Capital goods decreased $1.1 billion.
    • Computers decreased $1.3 billion.
    • Telecommunications equipment decreased $0.6 billion.

  Net balance of payments adjustments increased $0.1 billion.

Imports of services increased $0.7 billion to $42.6 billion in May.

  • Travel increased $0.6 billion.

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

The real goods deficit increased $3.1 billion to $101.8 billion in May.

  • Real exports of goods decreased $3.0 billion to $145.0 billion.
  • Real imports of goods increased $0.1 billion to $246.8 billion.

Revisions

Revisions to April exports

  • Exports of goods were revised down $0.2 billion.
  • Exports of services were revised down $0.1 billion.

Revisions to April imports

  • Imports of goods were revised down less than $0.1 billion.
  • Imports of services were revised down $0.1 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 ($4.0), Hong Kong ($2.7), Brazil ($1.2), United Kingdom ($1.0), and Singapore ($0.1). Deficits were recorded, in billions of dollars, with China ($27.2), European Union ($18.5), Mexico ($7.7), Germany ($6.2), Japan ($5.9), Canada ($4.8), Taiwan ($3.3), Italy ($3.2), India ($2.5), South Korea ($2.3), France ($1.5), and Saudi Arabia ($0.3).

  • The deficit with the European Union increased $2.4 billion to $18.5 billion in May. Exports decreased $0.2 billion to $22.0 billion and imports increased $2.3 billion to $40.5 billion.
  • The deficit with Canada increased $1.8 billion to $4.8 billion in May. Exports increased $0.2 billion to $24.5 billion and imports increased $1.9 billion to $29.3 billion.
  • The deficit with China decreased $5.1 billion to $27.2 billion in May. Exports decreased less than $0.1 billion to $13.1 billion and imports decreased $5.2 billion to $40.3 billion.

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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, and revision procedures, see the explanatory notes in this release. The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services. The full schedule is available in the Census Bureau’s Economic Briefing Room at www.census.gov/economic-indicators/ or on BEA’s website at www.bea.gov/news/schedule.

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Next release: August 5, 2021, at 8:30 A.M. EDT
U.S. International Trade in Goods and Services, June 2021

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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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