By: John Sperry
For May 2012, the trade deficit in goods and services decreased to $48.7 billion from $50.6 billion (revised) in April, as imports decreased and exports increased to $231.8 billion and $183.1 billion, respectively. May exports and imports of services were the highest on record $52.4 billion and $37.5 billion, respectively.
Record exports of foods, feeds, and beverages ($11.8 billion) contributed to the April to May increase in exports. Exports of services ($52.4 billion) were the highest on record. These new records helped drive May’s ($183.1 billion) exports of goods and services to the second highest on record, behind March’s ($184.4 billion).
Record imports of automotive vehicles, parts, and engines ($25.0 billion) contributed to offsetting the April to May decrease in imports. Decreases in industrial supplies and materials ($3.6 billion); consumer goods ($0.4 billion); and foods, feeds, and beverages ($0.1 billion) represented key import declines.
May also reinforced China’s April ascension above Mexico as the United States second largest trading partner. To see more go to http://www.census.gov/foreign-trade/statistics/highlights/top/top1204cm.html.