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U.S. International Trade Deficit Decreases in May

Posted By malamistry On July 3, 2014 @ 9:00 am In Uncategorized | No Comments

By: Carlann Unger

The trade deficit in goods and services decreased $2.6 billion to $44.4 billion in May. Exports increased $2.0 billion to a record high of $195.5 billion. Imports decreased $0.7 billion to $239.8 billion. Contributors to the record high exports include record exports of automotive vehicles, parts, and engines ($13.5 billion) and consumer goods ($16.8 billion). For more information on these and other records for this month, check out the “Monthly Trade Highlights [1]” page.

In May, the state with the largest increase in exports was Texas ($842.3 million). So far this year, Texas has exported $120.3 billion worth of goods, more than any other state. Their current top export is Petroleum and Coal Products ($25.3 billion), followed by Chemical Products ($10.4 billion), and Oil and Gas Products ($7.6 billion). Where are these goods going? Mexico is the top importer of goods from Texas, importing $43.1 billion worth of products so far this year. Canada is the second highest importer at $12.9 billion followed by Brazil at $5.3 billion. Visit our “State Trade Data [2]” page to find trade information on your state

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URL to article: http://globalreach.blogs.census.gov/2014/07/03/u-s-international-trade-deficit-decreases-in-may/

URLs in this post:

[1] Monthly Trade Highlights: http://www.census.gov/foreign-trade/statistics/highlights/monthly.html

[2] State Trade Data: http://www.census.gov/foreign-trade/statistics/state/destination_state/index.html