census.gov
(keep in mind that the data is "seasonly adjusted" and not the true / actual trade balance)
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
May 2004
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 $97.1 billion and imports of
$143.1 billion resulted in a goods and services deficit of
$46.0 billion, $2.1 billion less than the $48.1 billion in April,
revised. May exports were $2.7 billion more than April exports
of $94.4 billion. May imports were $0.6 billion more than April
imports of $142.5 billion.
In May, the goods deficit decreased $2.2 billion from
April to $50.8 billion, and the services surplus was virtually
unchanged at $4.9 billion. Exports of goods increased $2.8
billion to $68.7 billion, and imports of goods increased $0.6
billion to $119.5 billion. Exports of services decreased $0.1
billion to $28.4 billion, and imports of services were
virtually unchanged at $23.6 billion.
In May, the goods and services deficit was up $5.1
billion from May 2003. Exports were up $14.6 billion, or 17.6
percent, and imports were up $19.7 billion, or 15.9 percent.
Goods
The April to May change in exports of goods reflected
increases in capital goods ($1.7 billion); industrial
supplies
and materials ($1.0 billion); foods, feeds, and beverages
($0.1 billion); and automotive vehicles, parts, and engines
($0.1 billion). A decrease occurred in other goods ($0.1
billion). Consumer goods were virtually unchanged.
The April to May change in imports of goods reflected
increases in industrial supplies and materials ($0.9
billion); automotive vehicles, parts, and engines ($0.5
billion); foods, feeds, and beverages ($0.1 billion); and
capital goods ($0.1 billion). Decreases occurred in
consumer goods ($0.9 billion) and other goods ($0.1
billion). The May 2003 to May 2004 change in exports of goods
reflected increases in capital goods ($5.2 billion);
industrial supplies and materials ($3.2 billion); consumer
goods ($1.3 billion); foods, feeds, and beverages ($0.4
billion); automotive vehicles, parts, and engines ($0.4
billion); and other goods ($0.4 billion).
The May 2003 to May 2004 change in imports of
goods reflected increases in industrial supplies and
materials ($7.5 billion); capital goods ($3.5 billion);
consumer goods ($3.0 billion); automotive vehicles, parts,
and engines ($1.8 billion); foods, feeds, and beverages
($0.6 billion); and other goods ($0.3 billion).
Services
Services exports decreased $0.1 billion from April to
May. Decreases in travel and passenger fares were
partly offset by increases in other private services (which
includes items such as business, professional, and
technical services, insurance services, and financial
services) and royalties and license fees. Changes in the
other categories of services exports were small.
Services imports were virtually unchanged from April
to May. Decreases in other transportation (which
includes freight and port services) and direct defense
expenditures were nearly offset by an increase in other
private services. Changes in the other categories of
services imports were small.
From May 2003 to May 2004, services exports
increased $3.7 billion. The largest increases were in travel
($1.3 billion), other private services ($0.9 billion), and
other transportation ($0.6 billion).
From May 2003 to May 2004, services imports
increased $3.1 billion. The largest increases were in travel
($1.0 billion), other private services ($0.7 billion), and
other transportation ($0.7 billion).
Goods and Services Moving Average
For the three months ending in May, exports of goods
and services averaged $95.7 billion, while imports of
goods and services averaged $142.5 billion, resulting in an
average trade deficit of $46.9 billion. For the three months
ending in April, the average trade deficit was $46.6 billion,
reflecting average exports of $94.1 billion and average
imports of $140.7 billion.
Selected Not Seasonally Adjusted Goods Details
The May figures showed surpluses, in billions of dollars,
with Australia $0.6 (for April $0.5), Hong Kong $0.6 ($0.6),
Singapore $0.6 ($0.3), and Egypt $0.2 ($0.1). Deficits were
recorded, in billions of dollars, with China $12.1 ($12.0),
Western Europe $8.2 ($10.1), the European Union (25) $7.9
($9.6), OPEC $5.6 ($5.3), Japan $5.5 ($6.4), Canada $4.8 ($5.6),
Mexico $3.8 ($3.2), Korea $1.6 ($1.7), Taiwan $1.0 ($1.1), and
Brazil $0.4 ($0.5).
Advanced technology products (ATP) exports were
$17.1 billion in May and imports were $18.2 billion, resulting
in a deficit of $1.2 billion. May exports were $0.7 billion more
than the $16.4 billion in April, while imports were $1.3 billion
less than the $19.5 billion in April. |
