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U.S. Trade gap at $55.5 billion

U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES



The U.S. trade gap widened in May as the demand of foreign goods and services out-grows exports.
In May U.S. trade gap soared by 9.3 % , reported by the Commerce Department. The growing trade deficit could post a drag to the GDP growth, despite growing trade of goods and services across U.S. borders and improving exports, increasing oil imports may signal healthy economic activity, but they also widen the trade deficit, as the trade gap subtracts from the GDP growth, economists noted.
International Trade (Picture Autor: Maurice Marcellin) licence Creative Commons
Economists were fairly certain the deficit was going to widen in May because the price of imported oil has skyrocketed, but the gain in imports was much broader than energy.

Imports from China, meanwhile, climbed to $39.3 billion in May from $34.8 billion in April. The trade deficit with the rising Asian giant increased $3.29 billion to $-30.2 billion in May. Country data are not seasonally adjusted.

Lawmakers and some business executives say China keeps its currency artifically low to boosts its exports.
Imports of Crude Oil

4.09% -0.52% 2.49% 4.70% 0.21% -0.20% -0.62% 0.54%
Imports
Imports
Imports
Imports

In May imports grew by 3.31 %, led by 11.61 % growth in miscellaneous other goods and Passenger Fares. But imports of Foods, feeds, and beverages fell the most, down -0.46 % and Other Transportation services contracted by -0.73 %.

The combination of acceleration in stockpiling activity to meet stronger domestic demand and the price effect from higher commodity prices led to the stronger growth in imports.

The bulk of the increase in imports was tied to the higher cost of oil, whose price hit a recent peak. The cost per barrel was 11.12 % higher compared with a year earlier.
As a result, imports of crude oil and related petroleum products jumped to a seasonally adjusted $18.8 billion in May from $16.6 billion in April. U.S. Imports of services grew by 0.41 %, whats more important purcheses of foreign made products, which accounted for 81.5 %, of total imports, rose by 3.99 %. U.S. Exports by Major Category









Imports from europe increased, as trade with Ireland grew 18.80 %, but imports of oil from Norway fell.
Imports from Canada and Mexico grew in May boosted by the higher price of oil.
Pacific Rim Region has seen increasing demand from the U.S., where imports from Malaysia grew the most, while the demand for goods from Hong Kong fell.

From May 2018, U.S. trade gap jumped by 29 %, due to 3.01 % increase in imports.

Exports increased in May by 1.83 %, reported by the Commerce Department, led by 12.65 % growth in miscellaneous other goods and Travel services, which accounted for 1.36 % of total exports. Exports of Nuclear Technology also went up, by 195.24 % to $0.19 billions. But exports of Industrial supplies, materials fell the most, down -0.52 % and Other Transportation services contracted by -1.47 %. U.S. Exports of Advanced Materials also declined, by -11.11 % to $0.25 billions.
U.S. exports are rising because of faster growth in emerging markets and the favorable foreign-exchange markets, economists add. Exports of services have declined by -0.14 %, services accounted for 33.1 %, of total exports in May. Exports of goods, rose by 2.84 %.

Sales of U.S. made goods, improved in the Pacific Rim Region, where exports to Malaysia grew the most and despite the decrease in demand for U.S. made goods, from Hong Kong.
Demand for U.S. made goods increased in Brazil, Colombia and overall South and Central America.
Exports to europe improved, as sales to Spain grew the most, up 44.89 %, but exports to Poland fell by -39.64 %.


U.S. Imports by Major Countries

Exports to Selected Geographical Region



Technology Group Exports Technology Group Imports Technology Group Trade Balance
Total Technology Group exports increased by $2,081 millions or 7.47 % to $29,949 millions from April 2019 , caused by increase in exports of Aerospace goods by 13.52 % to $11,320 millions from April 2019. Exports of Information and Communication goods rose by $2,081 millions or 3.36 % to $7,869 millions.
Total Technology Group imports deacreased by $0 millions or 0.00 % to $0 millions from April 2019 , despite a decrease in imports of Electronics goods by 0.00 % to $0 millions from April 2019. Imports of Information and Communication goods fell by $0 millions or 0.00 % to $0 millions.

Imports by Technology Group
Total Technology Group trade deficit rose by $417 millions or 3.79 % to $11,410 millions from deficit of $10,993 millions April 2019. Information and Communications trade deficit rose by $1,889 millions or 16.96 % to $13,025 millions from deficit of $11,136 millions April 2019.

Trade Balance by Technology Group
Technology Group Exports
Total Technology Group exports increased by $2,081 millions or 7.47 % to $29,949 millions from April 2019 , caused by increase in exports of Aerospace goods by 13.52 % to $11,320 millions from April 2019. Exports of Information and Communication goods rose by $2,081 millions or 3.36 % to $7,869 millions.


Technology Group Imports
Total Technology Group imports deacreased by $0 millions or 0.00 % to $0 millions from April 2019 , despite a decrease in imports of Electronics goods by 0.00 % to $0 millions from April 2019. Imports of Information and Communication goods fell by $0 millions or 0.00 % to $0 millions.

Imports by Technology Group

Technology Group Trade Balance
Total Technology Group exports increased by $2,081 millions or 7.47 % to $29,949 millions from April 2019 , caused by increase in exports of Aerospace goods by 13.52 % to $11,320 millions from April 2019. Exports of Information and Communication goods rose by $2,081 millions or 3.36 % to $7,869 millions.

U.S. International Trade in Goods & Services

(In millions $)




U.S. International Trade in Goods & Services
(In millions $)
May 2019
April 2019
March 2019
Feb. 2019
Jan. 2019
Dec. 2018
Total Trade Balance
-55,520 -50,791 -50,002 -49,382 -51,149 -59,769
Trade Balance of Goods
-76,141 -71,713 -72,419 -72,011 -73,291 -81,541
Trade Balance of Services
20,621 20,922 22,417 22,628 22,142 21,773
Total Exports
210,636 206,847 211,966 209,690 207,340 205,116
Exports of Goods
140,830 136,942 141,706 139,548 137,385 135,624
Exports of Services
69,807 69,905 70,260 70,142 69,955 69,492
Total Imports
266,156 257,638 261,968 259,073 258,489 264,885
Imports of Goods
216,971 208,655 214,125 211,559 210,676 217,166
Imports of Services
49,186 48,983 47,843 47,514 47,813 47,719



U.S. Trade Balance by Selected Countries and Areas
( In millions $)




U.S. Trade Balance by Selected Countries and Areas
( In millions $)
May 2019
April 2019
March 2019
Feb. 2019
Dec. 2018
Nov. 2018
Total Goods
-79,708 -74,718 -61,025 -56,500 -73,765 -74,648
North America
-12,969 -9,717 -10,861 -7,529 -9,119 -7,327
Canada
-3,325 -1,550 -1,356 -127 -1,411 -670
Mexico
-9,644 -8,167 -9,505 -7,403 -7,708 -6,657
Europe
-20,680 -22,207 -16,957 -11,410 -18,242 -18,412
European Union
-17,166 -17,688 -14,176 -9,155 -15,059 -15,117
Austria
-828 -766 -741 93 -767 -983
Belgium
1,070 1,062 1,397 1,840 1,350 814
Czech Republic
-242 -227 -222 -124 -240 -190
Finland
-595 -524 -457 -369 -381 -428
France
-1,943 -2,274 -1,335 -2,005 -1,493 -1,523
Germany
-5,855 -5,872 -5,630 -4,472 -5,946 -5,812
Hungary
-171 -232 -235 -211 -312 -262
Ireland
-5,054 -4,096 -4,593 -3,301 -3,851 -3,959
Italy
-2,762 -3,295 -2,591 -2,246 -3,111 -2,796
Netherlands
1,313 1,806 2,457 2,299 1,743 1,791
Poland
-353 -167 -272 -123 -129 -330
Spain
184 -424 -345 96 -266 -156
Sweden
-720 -707 -660 -730 -459 -530
United Kingdom
25 -488 322 1,130 206 605
Other E.U.
-1,237 -1,486 -1,272 -1,033 -1,402 -1,359
Norway
-303 -477 -107 -179 -172 -206
Russia
-1,547 -1,735 -893 -507 -1,125 -1,069
Switzerland
-1,938 -2,293 -1,871 -1,982 -2,172 -2,304
Other Europe
274 -15 90 413 285 284
Euro Area
-15,005 -15,062 -12,650 -8,542 -13,487 -13,739
Pacific Rim Countries
-39,035 -37,343 -29,776 -32,052 -43,821 -45,948
Australia
978 1,182 1,304 1,057 1,278 1,346
China
-30,195 -26,903 -20,749 -24,761 -36,831 -37,861
Japan
-5,348 -7,242 -6,609 -5,938 -5,650 -5,790
Malaysia
-2,291 -1,786 -2,393 -1,748 -2,395 -2,188
Philippines
-426 -244 -251 -276 -434 -370
Newly Industrialized Countries (NICS)
-10,406 -8,774 -8,779 -8,597 -5,674 -7,145
Hong Kong
2,139 1,863 2,283 3,149 2,381 2,826
Korea
-1,585 -1,815 -1,540 -1,813 -857 -2,022
Singapore
538 505 521 522 733 750
Taiwan
-1,744 -2,017 -1,565 -1,284 -1,171 -1,651
Other Pacific Rim
1 -11 180 30 67 76
South/Central America
4,425 3,932 4,957 3,372 3,637 5,404
Argentina
301 330 173 271 271 564
Brazil
534 802 1,063 748 786 638
Chile
612 170 65 372 482 837
Colombia
-16 -252 175 -117 70 401
Other South/Central America
2,994 2,882 3,480 2,098 2,027 2,965
OPEC
-156 -143 1,120 411 -305 -776
Indonesia
-1,102 -876 -957 -990 -942 -1,064
Nigeria
-305 48 -15 147 -213 -138
Saudi Arabia
-74 -260 427 -270 -941 -1,335
Venezuela
30 -96 -83 -284 -503 -334
Other OPEC
193 165 792 818 1,353 1,031
Africa
-924 -344 108 162 -509 -207
Algeria
-310 -293 -234 -56 -287 -119
Egypt
38 383 394 202 175 238
South Africa
-186 -272 -101 -39 -537 -333
Other Africa
-466 -162 49 56 140 7
Other Countries
-10,406 -8,774 -8,779 -8,597 -5,674 -7,145
India
-2,531 -1,831 -1,665 -1,934 -631 -1,465
Thailand
-1,789 -1,713 -1,719 -1,130 -1,544 -1,560
Other
-6,086 -5,230 -5,396 -5,533 -3,499 -4,120




U.S. Imports by Major Category
( In millions $)




Imports by Major Category
( In millions $)
May 2019
April 2019
March 2019
Feb. 2019
Jan. 2019
Dec. 2018
Total
266,156 257,638 261,968 259,073 258,489 264,885
Total Services
49,186 48,983 47,843 47,514 47,813 47,719
Travel
771 765 842 759 747 701
Passenger Fares
9,159 8,918 9,333 9,258 9,486 9,696
Other Transportation
12,588 12,680 12,571 12,411 12,539 12,775
Royalties and License Fees
4,085 4,062 2,968 3,040 3,085 2,880
Other Private Services
2,732 2,749 2,639 2,579 2,611 2,607
Transfers Under U.S. Military Sales Contracts
4,851 4,841 4,449 4,451 4,456 4,404
U.S. Government Misc. Services
3,688 3,672 3,413 3,410 3,405 3,288
Total Goods
216,971 208,655 214,125 211,559 210,676 217,166
Foods, feeds, and beverages
12,786 12,845 13,056 12,062 12,264 12,583
Industrial supplies and materials
46,392 44,568 44,966 42,568 43,756 46,124
Capital goods, except automotive
57,251 55,617 57,236 57,208 57,017 60,006
Automotive vehicles, parts, and engines
33,234 30,907 32,011 31,919 31,936 32,133
Consumer goods
55,646 54,295 56,053 56,730 55,160 55,517
Other goods
9,773 8,756 9,100 9,305 8,851 9,187




Exports by Technology Group
( In millions $)


Exports by Technology Group
( In millions $)
May 2019

April 2019

March 2019

Feb. 2019

Jan. 2019

Dec. 2018

Total Technology Group
29,949 27,868 33,989 29,055 28,147 32,667
Advanced Materials
248 279 266 255 267 250
Aerospace
11,320 9,972 13,391 11,163 9,734 13,410
Biotechnology
1,763 1,815 2,395 2,481 1,848 1,662
Electronics
3,821 3,596 3,907 3,800 3,755 3,728
Flexible Manufacturing
1,472 1,567 1,661 1,017 1,333 1,725
Information and Communications
7,869 7,613 8,322 7,181 8,035 8,194
Life Science
2,647 2,480 3,035 2,378 2,359 2,829
Nuclear Technology
186 63 110 61 50 68
Opto-Electronics
401 364 584 338 347 545
Weapons
221 121 318 380 419 257





Annual Report on U.S. International Trade in Goods & Services
(In millions $)




U.S. International Trade in Goods & Services
(In millions $)
2018
2017
2016
2015
2014
2013
Total Trade Balance
-621,036 -566,031 -504,793 -531,503 -471,532 -471,532
Trade Balance of Goods
-891,251 -810,023 -752,507 -758,934 -703,159 -703,159
Trade Balance of Services
270,215 243,993 247,714 227,431 231,627 231,627
Total Exports
2,499,970 2,329,311 2,208,072 2,230,317 2,272,320 2,272,320
Exports of Goods
1,671,839 1,551,434 1,455,704 1,513,888 1,590,350 1,590,350
Exports of Services
828,131 777,877 752,368 716,429 681,970 681,970
Total Imports
3,121,006 2,895,342 2,712,866 2,761,820 2,743,851 2,743,851
Imports of Goods
2,563,090 2,361,458 2,208,211 2,272,821 2,293,508 2,293,508
Imports of Services
557,916 533,884 504,654 488,999 450,343 450,343

Source U.S. Department of Commerce, BEA.gov
Picture Autor: (Maurice Marcellin) licence Creative Commons.


             
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