Trade deficit increases to $50.2 billion in May

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Ustrade By: Janet Freas

The Nation’s international trade deficit in goods and services increased to $50.2 billion in May from $43.6 billion (revised) in April, as exports decreased and imports increased.  May exports of goods and services declined $1.0 billion to $174.9 billion. Imports increased $5.6 billion to $225.1 billion.

May’s trade activity on a Balance of Payment (BOP) basis created several noteworthy highlights.  The May deficit of goods and services ($50.2 billion) and the deficit of goods ($64.9 billion) were the highest since October 2008 ($59.5 billion and $70.0 billion).  May exports of goods and services ($174.9 billion) were the second highest on record; the record occurred April 2011 ($175.8 billion).  May imports of goods and services ($225.1 billion) were the second highest on record; the record occurred July 2008 ($231.6 billion). May exports of services ($49.7 billion) were the highest on record.  May imports of goods ($190.0 billion) and imports of services ($35.1) were the highest since July 2008 ($197.4 billion) and August 2008 ($35.2 billion).

Import trade on a Census Basis (seasonally adjusted) produced record highs.  May imports of foods, feeds, and beverages ($9.1 billion) and imports of capital goods ($43.1 billion) were the highest on record.

Drivers’ pain at the gas pump was reflected by the May import average price per barrel of crude oil ($108.70) was the highest since August 2008 ($119.85). May imports from OPEC ($16.8 billion) were the highest since October 2008 ($20.4 billion).

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