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.

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.