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U.S. Census Bureau
U.S. Bureau of Economic Analysis
NEWS
U.S. Department of Commerce Washington, D.C. 20230
CB05-100
BEA05-33
FT-900 (05-05)
For information on goods contact:
U.S. Census Bureau:
Nick Orsini (301) 763-6959
Vanessa Ware (301) 763-2311
For information on services contact:
U.S. Bureau of Economic Analysis:
Technical: Christopher Bach (202) 606-9545
Media: Ralph Stewart (202) 606-9690
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
May 2005
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 $106.9 billion
and imports of $162.2 billion resulted in a goods and services deficit of $55.3
billion, $1.6 billion less than the $56.9 billion in April, revised. May exports
were $0.2 billion more than April exports of $106.7 billion. May imports were
$1.4 billion less than April imports of $163.6 billion.
In May, the goods deficit decreased $1.6 billion from April to $60.8 billion, and
the services surplus was virtually unchanged at $5.4 billion. Exports of goods
decreased $0.1 billion to $74.5 billion, and imports of goods decreased $1.6
billion to $135.3 billion. Exports of services increased $0.2 billion to $32.4
billion, and imports of services increased $0.2 billion to $27.0 billion.
In May, the goods and services deficit was up $6.6 billion from May 2004. Exports
were up $10.5 billion, or 10.9 percent, and imports were up $17.1 billion, or 11.8
percent.
Goods
The April to May change in exports of goods reflected increases in foods, feeds,
and beverages ($0.6 billion); consumer goods ($0.4 billion); and industrial
supplies and materials ($0.2 billion). Decreases occurred in capital goods
($0.9 billion); automotive vehicles, parts, and engines ($0.2 billion); and other
goods ($0.1 billion).
The April to May change in imports of goods reflected decreases in industrial
supplies and materials ($2.4 billion); capital goods ($0.6 billion); and other
goods ($0.1 billion). Increases occurred in automotive vehicles, parts, and
engines ($1.0 billion); consumer goods ($0.2 billion); and foods, feeds, and
beverages ($0.1 billion).
The May 2004 to May 2005 change in exports of goods reflected increases in
industrial supplies and materials ($2.6 billion); capital goods ($1.2 billion);
consumer goods ($1.2 billion); foods, feeds, and beverages ($0.8 billion);
automotive vehicles, parts, and engines ($0.4 billion); and other goods ($0.3
billion).
The May 2004 to May 2005 change in imports of goods reflected increases in
industrial supplies and materials ($7.0 billion); capital goods ($3.2 billion);
consumer goods ($2.8 billion); automotive vehicles, parts, and engines
($0.6 billion); other goods ($0.5 billion); and foods, feeds, and beverages
($0.4 billion).
Services
Services exports increased $0.2 billion from April to May. Increases in other
private services (which includes items such as business, professional, and
technical services, insurance services, and financial services) and transfers
under U.S. military sales contracts were partly offset by a decrease in other
transportation (which includes freight and port services). Changes in the other
categories of services exports were small.
Services imports increased $0.2 billion from April to May. The increase was
mostly accounted for by increases in other private services and royalties and
license fees. Changes in the other categories of services imports were small.
From May 2004 to May 2005, services exports increased $4.2 billion. The largest
increases were in other private services ($1.3 billion), travel ($1.0 billion),
and royalties and license fees ($0.9 billion).
From May 2004 to May 2005, services imports increased $2.6 billion. The largest
increases were in other private services ($1.0 billion) and other transportation
($0.6 billion).
Goods and Services Moving Average
For the three months ending in May, exports of goods and services averaged $105.7
billion, while imports of goods and services averaged $160.9 billion, resulting
in an average trade deficit of $55.3 billion. For the three months ending in April,
the average trade deficit was $56.9 billion, reflecting average exports of $104.0
billion and average imports of $160.8 billion.
Selected Not Seasonally Adjusted Goods Details
The May figures showed surpluses, in billions of dollars, with Hong Kong $0.7
(for April $0.9), Australia $0.7 ($0.7), Singapore $0.5 ($0.3), and Egypt $0.1
($0.1). Deficits were recorded, in billions of dollars, with China $15.8 ($14.7),
Europe $12.1 ($11.8), the European Union $10.5 ($9.3), OPEC $7.3 ($7.1), Japan
$6.6 ($7.2), Canada $4.8 ($5.4), Mexico $4.5 ($4.4), Korea $1.5 ($1.3), Taiwan
$0.9 ($0.7), and Brazil $0.7 ($0.8).
Advanced technology products (ATP) exports were $17.2 billion in May and imports
were $21.0 billion, resulting in a deficit of $3.9 billion. May exports were
$1.5 billion less than the $18.7 billion in April, while imports were $0.1 billion
more than the $20.9 billion in April.
Revisions
Goods carry-over in May was $0.2 billion (0.3 percent) for exports and $0.9
billion (0.7 percent) for imports. For April, revised export carry-over was
$0.1 billion (0.1 percent), revised down from $0.2 billion (0.3 percent). For
April, revised import carry-over was virtually unchanged at $0.8 billion
(0.6 percent).
Services exports for April were revised up $0.3 billion to $32.2 billion; the
revision was mostly accounted for by upward revisions in travel and other
transportation. Services imports for April were revised up $0.1 billion to $26.8
billion; the revision was mostly accounted for by an upward revision in travel.
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