The US monthly goods and services deficit decreased in May 2009, according to the US Bureau of Economic Analysis and the US Census Bureau. The deficit decreased from $28.8 billion (revised) in April to $26.0 billion in May, as exports increased and imports decreased. The previously published April deficit was $29.2 billion. The deficit with China increased.
Exports
Exports of goods and services increased $1.9 billion in May to $123.3 billion, reflecting an increase in goods exports.
Services exports decreased.
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The increase in goods exports mostly reflected an increase in industrial supplies and materials. A decrease in automotive vehicles, parts, and engines was partly offsetting.
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The decrease in services exports was more than accounted for by decreases in travel and passenger fares. An increase in other private services (which includes items such as business, professional, and technical services, insurance services, and financial services) was partly offsetting.
Imports
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Imports of goods and services decreased $0.9 billion in May to $149.3 billion, reflecting decreases in goods imports and services imports.
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The decrease in goods imports was more than accounted for by decreases in industrial supplies and materials and automotive vehicles, parts, and engines. An increase in capital goods was partly offsetting.
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The decrease in services imports was more than accounted for by decreases in travel, other transportation (which includes freight and port services), and passenger fares. An increase in other private services was partly offsetting.
Goods by geographic area (not seasonally adjusted)
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The goods deficit with Canada decreased from $1.2 billion in April to $0.6 billion in May. Exports decreased $0.1 billion to $16.1 billion, while imports decreased $0.6 billion to $16.7 billion.
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The goods deficit with China increased from $16.8 billion in April to $17.5 billion in May. Exports increased $0.1 billion to $5.2 billion, while imports increased $0.8 billion to $22.7 billion.
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The goods deficit with the European Union decreased from $5.3 billion in April to $2.8 billion in May. Exports increased $0.1 billion to $17.9 billion, while imports decreased $2.5 billion to $20.7 billion.
Advanced technology products (ATP) exports were $19.2 billion in May and imports were $22.8 billion, resulting in a deficit of $3.6 billion. May exports were $0.5 billion more than the $18.7 billion in April, while May imports were $0.6 billion less than the $23.4 billion in April.
