U.S. Trade Deficit Decreased by $2.6 Billion in May
U.S. Trade Deficit Decreased by $2.6 billion in May
According to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, “the trade deficit decreased from $47 billion in April to $44.4 billion in May as exports increased and imports decreased”. In May, U.S. exports increased by $2 billion to $195.5 billion, while U.S. imports decreased by $0.7 billion to $240.5 billion. Compared to the same month last year, U.S. exports increased at a faster rate than imports at 4.4% or $8.3 billion while imports increased by 3.4% or $7.8 billion.
An increase in exports from April of this year were realized in automotive vehicles, parts, and engines, other goods, consumer goods, industrial supplies and materials, and foods, feeds, and beverages. U.S. exports of capital goods decreased in May.
U.S. imports of industrial supplies and materials, other goods, consumer goods, and foods, feeds, and beverages decreased from April to May. Imports of automotive vehicles, parts, and engines and capital goods increased during the same time period.
May exports of foods, feeds, and beverages, industrial supplies and materials, consumer goods, other goods, capital goods, and automotive vehicles, parts, and engines increased compared to May of 2013. Imports of capital goods, automotive vehicles, parts, and engines, consumer goods, foods, feeds, and beverages increased from May of last year. Imports to industrial supplies and materials as well as other goods decreased for the same time period.
Imports from Canada increased the goods deficit by $1 billion from April reaching $3.5 billion in May. Imports from Canada outpaced exports achieving $29.7 billion with exports of $26.2 billion. Conversely, the trade deficit with Mexico decreased by $1 billion from April to May. “Exports increased $1.1 billion to $20.8 billion, and imports increased $0.1 billion to $24.4 billion.” Surprisingly, the trade deficit with Saudi Arabia decreased by $1.7 billion as exports increased $0.4 billion and imports decreased by $1.3 billion from April to May.