The U.S. monthly international trade deficit decreased in May 2014 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $47.0 billion in April (revised) to $44.4 billion in May as exports increased and imports decreased. The previously published April deficit was $47.2 billion. The goods deficit decreased $2.4 billion from April to $63.3 billion in May; the services surplus increased $0.3 billion from April to $18.9 billion in May.
Exports
Exports of goods and services increased $2.0 billion in May to $195.5 billion, mostly reflecting an increase in exports of goods. Exports of services also increased.
- The increase in exports of goods mainly reflected increases in automotive vehicles, parts, and engines, in other goods, and in consumer goods.
- The increase in exports of services mainly reflected increases in travel (for all purposes including education) and in transport, which includes freight and port services and passenger fares.
Imports
Imports of goods and services decreased $0.7 billion in May to $239.8 billion, mainly reflecting a decrease in imports of goods. Imports of services were nearly unchanged.
- The decrease in imports of goods mainly reflected decreases in industrial supplies and materials, in other goods, and in consumer goods. Increases in automotive vehicles, parts, and engines and in capital goods were partly offsetting.
- Changes in all categories of imports of services were small and mostly offsetting.
Goods by geographic area (seasonally adjusted, Census basis)
- The goods deficit with Canada increased from $2.5 billion in April (revised) to $3.5 billion in May. Exports increased $0.6 billion to $26.2 billion, and imports increased $1.6 billion to $29.7 billion.
- The goods deficit with Mexico decreased from $4.5 billion in April to $3.5 billion in May. Exports increased $1.1 billion to $20.8 billion, and imports increased $0.1 billion to $24.4 billion.
- The goods deficit with Saudi Arabia decreased from $4.0 billion in April to $2.3 billion in May. Exports increased $0.4 billion to $1.7 billion, and imports decreased $1.3 billion to $4.1 billion.