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                                     U.S. Census Bureau
                              U.S. Bureau of Economic Analysis
                                            NEWS
                     U.S. Department of Commerce * Washington, DC 20230
                       U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
                                          May 2014


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 $195.5 billion and imports of $239.8
billion resulted in a goods and services deficit of $44.4 billion, down from $47.0 billion in
April,  revised. May exports were $2.0 billion more than April exports of $193.5 billion. May
imports were $0.7 billion less than April imports of $240.5 billion.

In May, the goods deficit decreased $2.4 billion from April  to $63.3 billion, and the services
surplus increased $0.3 billion from April to $18.9 billion. Exports of goods increased $1.6
billion to $136.7 billion, and imports of goods decreased $0.7 billion to $200.0 billion.
Exports of services increased $0.3 billion to $58.8 billion, and imports of services were
virtually unchanged at $39.9 billion.

The goods and services deficit decreased $0.4 billion from May 2013 to May 2014. Exports were
up $8.3 billion, or 4.4 percent, and imports were up $7.8 billion, or 3.4 percent.

Goods (Census Basis)

The April to May increase in exports of goods reflected increases in automotive vehicles,
parts, and engines ($0.8 billion); other goods ($0.5 billion); consumer goods ($0.4 billion);
industrial supplies and materials ($0.2 billion); and foods, feeds, and beverages
($0.1 billion).  A decrease occurred in capital goods ($0.2 billion).

The April to May decrease in imports of goods reflected decreases in industrial supplies and
materials ($1.7 billion); other goods ($0.7 billion); consumer goods ($0.5 billion); and foods,
feeds, and beverages ($0.2 billion). Increases occurred in automotive vehicles, parts, and
engines ($1.3 billion) and capital goods ($1.0 billion).

The May 2013 to May 2014 increase in exports of goods reflected increases in foods, feeds, and
beverages ($1.7 billion); industrial supplies and materials ($1.4 billion); consumer goods
($1.1 billion); other goods ($0.8 billion); capital goods ($0.8 billion); and automotive
vehicles, parts, and engines ($0.5 billion).

The May 2013 to May 2014 increase in imports of goods reflected increases in capital goods
($4.0 billion); automotive vehicles, parts, and engines ($2.4 billion); consumer goods
($1.4 billion); and  foods, feeds, and beverages ($0.7 billion). Decreases occurred in
industrial supplies and materials ($1.5 billion) and other goods ($0.8 billion).

Services

Exports of services increased $0.3 billion from April to May. The increase was mostly accounted
for by increases in travel (for all purposes including education) ($0.2 billion) and in
transport ($0.1 billion), which includes freight and port services and passenger fares. Changes
in the other categories of services exports were relatively small.

Imports of services were virtually unchanged from April to May. Changes in all categories of
services imports were small and mostly offsetting.

The May 2013 to May 2014 increase in exports of services was $1.9 billion or 3.3 percent. The
largest increases were in travel (for all purposes including education) ($1.0 billion), in
maintenance and repair services ($0.4 billion), and in transport ($0.3 billion).

The May 2013 to May 2014 increase in imports of services was $1.5 billion or 3.9 percent. The
largest increases were in other business services ($0.7 billion), in travel (for all purposes
including education) ($0.6 billion), and in transport ($0.4 billion).

Goods and Services Moving Average

For the three months ending in May, exports of goods and services averaged $194.2 billion,
while imports of goods and services averaged $239.4 billion, resulting in an average trade
deficit of $45.2 billion. For the three months ending in April, the average trade deficit was
$44.6 billion, reflecting average exports of $191.8 billion and average imports of $236.4
billion.

Selected Not Seasonally Adjusted Goods Details

The May figures show surpluses, in billions of dollars, with Hong Kong $2.5 ($2.7 for April),
Australia $1.2 ($1.4), Brazil $1.1 ($1.1), and Singapore $1.0 ($0.9). Deficits were recorded,
in billions of dollars, with China $28.8 ($27.3), European Union $12.3 ($14.0), Germany $6.6
($7.0), Japan $5.1 ($6.0), Mexico $4.3 ($4.6), OPEC $4.2 ($6.7), Canada $2.8 ($2.7), South
Korea $2.7 ($2.3), Saudi Arabia $2.7 ($4.2), India $2.4 ($3.1), Ireland $2.1 ($2.6), and
Venezuela $1.6 ($2.0).

Advanced technology products exports were $27.6 billion in May and imports were $35.2 billion,
resulting in a deficit of $7.6 billion. May exports were $0.6 billion more than the $27.0
billion in April, while May imports were $0.1 billion less than the $35.3 billion in April.

Revisions

Census Basis (not seasonally adjusted)

For April, exports of goods were revised down $0.1 billion, and imports of goods were revised
down $0.2 billion. Goods carry-over in May was $0.1 billion (0.1 percent) for exports and $1.8
billion (0.9 percent) for imports. For April, revised export carry-over was virtually zero,
while revised import carry-over was $0.3 billion (0.1 percent).

Balance of Payments Basis (seasonally adjusted)

For April, exports of goods were revised down $0.1 billion, and imports of goods were revised
down $0.2 billion.

For April, exports of services were revised up $0.2 billion, mainly reflecting upward revisions
in travel (for all purposes including education) and in financial services. For April, imports
of services were revised up $0.1 billion, mainly reflecting an upward revision in travel (for
all purposes including education).