EconoIndicators

International Trade At a Glance

• Exports: $157.5 billion
• Monthly Change: Up $2 billion
• Imports: $217.3 billion
• Monthly Change: Up $0.9 billion
• Trade Deficit: $59.8 billion
• Monthly Change: Down $0.7 billion

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U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
May 2008

Goods and Services

The U.S. Census Bureau and the U.S. Bureau of
Economic Analysis, through the Department of
Commerce, announced today that total May exports of
$157.5 billion and imports of $217.3 billion resulted in a
goods and services deficit of $59.8 billion, down from
$60.5 billion in April, revised. May exports were $1.4
billion more than April exports of $156.2 billion. May
imports were $0.7 billion more than April imports of
$216.7 billion.

In May, the goods deficit decreased $0.5 billion
from April to $72.5 billion, and the services surplus
increased $0.2 billion to $12.7 billion. Exports of goods
increased $0.8 billion to $110.8 billion, and imports of
goods increased $0.3 billion to $183.3 billion. Exports
of services increased $0.6 billion to $46.7 billion, and
imports of services increased $0.4 billion to $34.0
billion.

In May, the goods and services deficit increased
$0.4 billion from May 2007. Exports were up $23.9
billion, or 17.8 percent, and imports were up $24.2
billion, or 12.5 percent.

Goods

The April to May change in exports of goods
reflected increases in industrial supplies and materials

($1.2 billion) and automotive vehicles, parts, and
engines ($0.2 billion). Decreases occurred in capital
goods ($0.6 billion); foods, feeds, and beverages ($0.2
billion); and other goods ($0.1 billion). Consumer
goods were virtually unchanged.

The April to May change in imports of goods
reflected increases in consumer goods ($1.5 billion);
capital goods ($0.7 billion); and foods, feeds, and
beverages ($0.3 billion). Decreases occurred in
automotive vehicles, parts, and engines ($0.8 billion);
industrial supplies and materials ($0.3 billion); and
other goods ($0.2 billion).

The May 2007 to May 2008 change in exports of
goods reflected increases in industrial supplies and
materials ($8.1 billion); foods, feeds, and beverages
($3.2 billion); capital goods ($2.8 billion); consumer
goods ($1.3 billion); other goods ($0.9 billion); and
automotive vehicles, parts, and engines ($0.4 billion).

The May 2007 to May 2008 change in imports of
goods reflected increases in industrial supplies and
materials ($15.1 billion); capital goods ($3.2 billion);
consumer goods ($2.3 billion); foods, feeds, and
beverages ($0.9 billion); and other goods ($0.4 billion).
A decrease occurred in automotive vehicles, parts, and
engines ($0.1 billion).

Services

Services exports increased $0.6 billion from April to
May. The increase was mostly accounted for by
increases in other private services (which includes items
such as business, professional, and technical services,
insurance services, and financial services), travel, and
royalties and license fees. Changes in other categories
of services exports were small.

Services imports increased $0.4 billion from April
to May. The increase was mostly accounted for by
increases in other transportation (which includes freight
and port services), other private services, and travel.
Changes in other categories of services imports were
small.

From May 2007 to May 2008, services exports
increased $6.4 billion. The largest increases were in
other private services ($2.5 billion), travel ($1.5 billion),
royalties and license fees ($1.1 billion), and other
transportation ($1.0 billion). Within other private
services, the largest increase was in business,
professional, and technical services.

From May 2007 to May 2008, services imports
increased $2.8 billion. The largest increases were in
other private services ($1.2 billion) and travel ($0.5
billion). Within other private services, the largest
increases were in business, professional, and technical
services and in insurance services.

Goods and Services Moving Average

For the three months ending in May, exports of
goods and services averaged $154.8 billion, while
imports of goods and services averaged $213.7 billion,
resulting in an average trade deficit of $58.9 billion. For
the three months ending in April, the average trade
deficit was $59.2 billion, reflecting average exports of
$153.4 billion and average imports of $212.6 billion.

Selected Not Seasonally Adjusted Goods Details

The May figures showed surpluses, in billions of
dollars, with Hong Kong $1.4 ($1.4 for April),
Singapore $1.3 ($1.4), Australia $1.1 ($0.8), and Egypt
$0.3 ($0.3). Deficits were recorded, in billions of
dollars, with China $21.0 ($20.2), OPEC $17.9 ($15.6),
the European Union $7.9 ($8.5), Mexico $6.6 ($6.8),
Canada $5.4 ($7.4), Japan $5.0 ($7.6), Venezuela $3.9
($3.0), Nigeria $3.2 ($3.4), Korea $1.1 ($1.3), and
Taiwan $0.6 ($0.9).

Advanced technology products (ATP) exports were
$24.1 billion in May and imports were $27.6 billion,
resulting in a deficit of $3.5 billion. May exports were
$0.7 billion more than the $23.4 billion in April, while
imports were $1.1 billion less than the $28.7 billion in
April.

Revisions

Goods carry-over in May was $0.7 billion (0.6
percent) for exports and $1.5 billion (0.8 percent) for
imports. For April, revised export carry-over was $0.2
billion (0.2 percent), revised down from $0.4 billion (0.3
percent). For April, revised import carry-over was $0.2
billion (0.1 percent), revised down from $0.8 billion (0.5
percent).

Services exports for April were revised up $0.1
billion to $46.1 billion. The revision was mostly
accounted for by upward revisions in other
transportation and passenger fares. Services imports for
April were revised down $0.3 billion to $33.6 billion.
The revision was more than accounted for by downward
revisions in travel and passenger fares.

US Foreign Trade - May 2008 [PDF]

Source: Department of Commerce, Census Bureau