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The US monthly international trade deficit increased in May 2010, according
to the US Bureau of Economic Analysis and the US Census Bureau, today. The deficit
increased from $40.3bn (revised) in April to $42.3bn in May, as imports
increased more than exports. The previously published April deficit was $40.3bn.
In May, the goods deficit increased $1.9bn from April to $54.5bn, and the
services surplus was virtually unchanged at $12.2bn. Exports of goods increased
$3.0bn to $107.2bn, and imports of goods increased $4.9bn to $161.7bn. Exports
of services increased $0.6bn to $45.0bn, and imports of services increased
$0.6bn to $32.9bn. The goods and services deficit increased $17.4bn from May
2009 to May 2010. Exports were up $26.4bn, or 21.0 percent, and imports were up
$43.8bn, or 29.1 percent.
The April to May increase in exports of goods reflected increases in
capital goods ($2.0bn); industrial supplies and materials ($0.6bn);
consumer goods ($0.3bn); and automotive vehicles, parts, and engines
($0.1bn). A decrease occurred in other goods ($0.1bn). Foods,
feeds, and beverages were virtually unchanged.>
The April to May increase in imports of goods reflected increases in
consumer goods ($2.6bn); automotive vehicles, parts, and engines
($2.2bn); capital goods ($2.0bn); and foods, feeds, and beverages
($0.2bn). A decrease occurred in industrial supplies and materials
($2.2bn). Other goods were virtually unchanged.
The May 2009 to May 2010 increase in exports of goods reflected increases in
industrial supplies and materials ($9.6bn); capital goods
($6.7bn); automotive vehicles, parts, and engines ($3.7bn); consumer
goods ($1.3bn); other goods ($1.0bn); and foods, feeds, and
beverages ($0.1bn).
The May 2009 to May 2010 increase in imports of goods reflected increases in
industrial supplies and materials ($16.9bn); automotive vehicles,
parts, and engines ($9.1bn); capital goods ($8.6bn); consumer
goods ($4.8bn); and foods, feeds, and beverages ($0.9bn). A decrease
occurred in other goods ($0.2bn).
Services exports increased $0.6bn 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 passenger fares.
Changes in the other categories of services exports were small.
Services imports increased $0.6bn from April to May. The increase was mostly
accounted for by increases in travel, passenger fares, other transportation
(which includes freight and port services), and other private services.
Changes in the other categories of services imports were small.
Services exports increased $4.0bn from May 2009 to May 2010. The largest
increases were in other private services ($1.6bn), travel
($0.8bn), and royalties and license fees ($0.7bn). Within other
private services, the largest increase was in business, professional, and
technical services.
Services imports increased $2.8bn from May 2009 to May 2010. The largest
increases were in other private services ($1.1bn) and other
transportation ($0.8bn). Within other private services, the largest
increase was in business, professional, and technical services.
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Analysis of the latest
economic numbers, with CNBC's Steve Liesman and the "Squawk Box" team:
The May figures show surpluses, inbns of dollars, with Hong Kong $1.6 ($1.7
for April), Australia $1.1 ($1.2), Singapore $0.9 ($1.0), and Egypt $0.3 ($0.3).
Deficits were recorded, inbns of dollars, with China $22.3 ($19.3), OPEC $7.8
($9.3), European Union $6.2 ($5.7), Mexico $6.2 ($5.3), Japan $3.6 ($4.8),
Germany $2.9 ($3.0), Canada $2.3 ($2.7), Nigeria $2.2 ($2.3), Venezuela $2.1
($1.8), and Ireland $2.2 ($1.4).
Advanced technology products exports were $21.8bn in May and imports were
$27.6bn, resulting in a deficit of $5.8bn. May exports were $0.7bn more than the
$21.1bn in April, while May imports were $0.7bn more than the $26.9bn in April.
