News Release

EMBARGOED UNTIL RELEASE AT 8:30 a.m. EDT, Wednesday, July 3, 2024
BEA 24–30
CB 24–107

U.S. International Trade in Goods and Services, May 2024

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $75.1 billion in May, up $0.6 billion from $74.5 billion in April, revised.

U.S. International Trade in Goods and Services Deficit
Deficit: $75.1 Billion  +0.8%°
Exports: $261.7 Billion  –0.7%°
Imports: $336.7 Billion  –0.3%°

Next release: Tuesday, August 6, 2024

(°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, July 3, 2024

Goods and Services Trade Deficit: Seasonally adjusted

Exports, Imports, and Balance (exhibit 1)

May exports were $261.7 billion, $1.8 billion less than April exports. May imports were $336.7 billion, $1.2 billion less than April imports.

The May increase in the goods and services deficit reflected an increase in the goods deficit of $0.9 billion to $100.2 billion and an increase in the services surplus of $0.3 billion to $25.1 billion.

Year-to-date, the goods and services deficit increased $14.4 billion, or 4.2 percent, from the same period in 2023. Exports increased $42.8 billion or 3.4 percent. Imports increased $57.2 billion or 3.6 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit increased $2.0 billion to $72.7 billion for the three months ending in May.

  • Average exports decreased $1.5 billion to $262.2 billion in May.
  • Average imports increased $0.5 billion to $334.9 billion in May.

Year-over-year, the average goods and services deficit increased $6.3 billion from the three months ending in May 2023.

  • Average exports increased $9.3 billion from May 2023.
  • Average imports increased $15.6 billion from May 2023.

Exports (exhibits 3, 6, and 7)

Exports of goods decreased $2.9 billion to $169.6 billion in May.

  Exports of goods on a Census basis decreased $3.1 billion.

  • Industrial supplies and materials decreased $2.1 billion.
    • Nonmonetary gold decreased $0.5 billion.
    • Other petroleum products decreased $0.4 billion.
    • Fuel oil decreased $0.4 billion.
  • Automotive vehicles, parts, and engines decreased $0.5 billion.
    • Trucks, buses, and special purpose vehicles decreased $0.3 billion.
    • Other automotive parts and accessories decreased $0.2 billion.

  Net balance of payments adjustments increased $0.1 billion.

Exports of services increased $1.1 billion to $92.1 billion in May.

  • Travel increased $0.8 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods decreased $2.0 billion to $269.7 billion in May.

  Imports of goods on a Census basis decreased $1.9 billion.

  • Consumer goods decreased $2.0 billion.
    • Pharmaceutical preparations decreased $4.2 billion.
    • Cell phones and other household goods increased $1.0 billion.
  • Automotive vehicles, parts, and engines decreased $1.5 billion.
    • Passenger cars decreased $0.6 billion.
    • Other automotive parts and accessories decreased $0.5 billion.
  • Industrial supplies and materials increased $1.4 billion.
    • Crude oil increased $1.0 billion.
    • Nuclear fuel materials increased $0.9 billion.

  Net balance of payments adjustments decreased $0.2 billion.

Imports of services increased $0.9 billion to $67.0 billion in May.

  • Transport increased $0.4 billion.
  • Travel increased $0.2 billion.

Real Goods in 2017 Dollars – Census Basis (exhibit 11)

The real goods deficit increased $0.4 billion, or 0.5 percent, to $94.5 billion in May, compared to a 1.2 percent increase in the nominal deficit.

  • Real exports of goods decreased $1.3 billion, or 0.9 percent, to $141.3 billion, compared to a 1.8 percent decrease in nominal exports.
  • Real imports of goods decreased $0.8 billion, or 0.4 percent, to $235.8 billion, compared to a 0.7 percent decrease in nominal imports.

Revisions

Revisions to April exports

  • Exports of goods were revised down $0.2 billion.
  • Exports of services were revised down less than $0.1 billion.

Revisions to April imports

  • Imports of goods were revised down $0.2 billion.
  • Imports of services were revised down $0.2 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)

The May figures show surpluses, in billions of dollars, with Netherlands ($4.1), South and Central America ($3.5), Australia ($1.9), Hong Kong ($1.6), Singapore ($1.3), Brazil ($0.5), and Belgium ($0.4). Deficits were recorded, in billions of dollars, with China ($23.9), European Union ($19.3), Mexico ($14.1), Vietnam ($10.3), Germany ($7.3), Japan ($6.3), South Korea ($6.2), Ireland ($5.7), Taiwan ($5.3), Canada ($5.0), Italy ($4.8), India ($3.8), Malaysia ($2.0), France ($1.7), Switzerland ($1.7), Israel ($0.6), Saudi Arabia ($0.1), and United Kingdom (less than $0.1).

  • The deficit with China increased $1.9 billion to $23.9 billion in May. Exports decreased $0.5 billion to $11.7 billion and imports increased $1.3 billion to $35.6 billion.
  • The deficit with Mexico increased $1.3 billion to $14.1 billion in May. Exports decreased $0.7 billion to $27.4 billion and imports increased $0.7 billion to $41.6 billion.
  • The deficit with Ireland decreased $3.0 billion to $5.7 billion in May. Exports increased $0.1 billion to $1.6 billion and imports decreased $2.9 billion to $7.3 billion.

All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in exhibits 1-20b of this release. For information on data sources, definitions, and revision procedures, see the explanatory notes in this release. The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services. The full schedule is available in the Census Bureau's Economic Briefing Room at www.census.gov/economic-indicators/ or on BEA's website at www.bea.gov/news/schedule .

Next release: August 6, 2024, at 8:30 a.m. EDT
U.S. International Trade in Goods and Services, June 2024