July 06, 2018
Goods and Services Trade Deficit
The U.S. Bureau of Economic Analysis indicated that, “The goods and services deficit was $43.1 billion in May, down $3.0 billion from $46.1 billion in April.” May exports ($215.3 billion) exceeded exports in April by $4.1 billion, whereas $258.4 billion was recorded for imports in May which was $1.1 billion more than April imports.
The report mentioned that year-to date from the same period in 2017, there was a 7.9 percent increase in the goods and services deficit. As for exports and imports they both increased by 8.8 percent and 8.6 percent respectively.
Three-Month Moving Averages
Based on available seasonally adjusted data, for the three months ending in May, the average exports increased $3.1 billion to $212.4 billion while average imports decreased $1.1 billion to $257.9 billion.
In relation to export of goods, these consists of capital goods, foods, feeds and beverages and other goods which all increased by $2.0 billion, $1.7 billion and $0.9 billion respectively, while industrial supplies and materials decreased by $1.3 billion. Additionally, export of services such as transport, other business services and financial services all increased by $0.1 billion.
As for imports of goods, capital goods increased by $2.1 billion while consumer goods ($0.5 billion) and other goods ($0.4 billion) decreased. Imports of services included transport and travel which both decreased by $0.1 billion and as for other business services, this increased by $0.1 billion.
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