Exports, Imports Both Fall as Trade Deficit Climbs
Exports, Imports Both Fall as Trade Deficit Climbs
Wednesday, July 08, 2015
Sandler, Travis & Rosenberg Trade Report
The monthly U.S. trade deficit in goods and services rose 2.9 percent in May to $41.9 billion, according to trade statistics released July 7 by the Department of Commerce.
Total Imports and Exports. Imports were virtually unchanged in May at $230.5 billion while exports fell 0.8 percent to $188.6 billion. The year-to-date deficit was up 0.5 percent from a year earlier as exports fell 2.7 percent and imports dropped 2.2 percent.
Goods. The goods deficit grew by 2.0 percent to $61.5 billion. Imports of goods edged downward to $189.2 billion, with decreases of $800 million in drilling and oilfield equipment, $400 million in crude oil and $300 million in organic chemicals. Exports of goods totaled $127.7 billion, down 1.0 percent, including a $1.2 billion decrease in civilian aircraft but a $500 million increase in fuel oil and another $500 million rise in other petroleum products.
Services. The services surplus saw little movement and totaled $19.6 billion. Imports and exports both saw small increases and totaled $41.2 billion and $60.9 billion, respectively.
Country/Region | Deficit $billion | % Change | Surplus $billion | % Change |
China | 30.6 | +11.3 | ||
European Union | 13.4 | +12.6 | ||
Japan | 6.4 | -4.5 | ||
Germany | 6.4 | +8.5 | ||
Mexico | 4.1 | -2.3 | ||
Italy | 2.5 | +13.6 | ||
South Korea | 2.4 | +14.3 | ||
India | 2.0 | +33.3 | ||
France | 1.5 | +36.4 | ||
Saudi Arabia | 0.4 | +300 | ||
United Kingdom | 0.1 | -90 | ||
Canada | 0.2 | n/a | ||
South/Central America | 4.2 | +40 | ||
Brazil | 0.9 | +12.5 |