|
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.
|
 |
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 |
|
