The Monthly International Trade in Goods and Services report by the Census Bureau shows the goods and services deficit was $55.5 billion in May, up $4.3 billion from $51.2 billion in April, revised.

The Econoday consensus was for the deficit to increase to $53.5 billion from a prior reading of $50.8 billion, now revised to $51.2 billion.

The $-55.5 billion result was outside the entire estimate range of $-54.7 billion to $-49.5 billion.

Exports, Imports, and Balance

  • May exports were $210.6 billion, $4.2 billion more than April exports.
  • May imports were $266.2 billion, $8.5 billion more than April imports.
  • The May increase in the goods and services deficit reflected an increase in the goods deficit of $4.4 billion to $76.1 billion and an increase in the services surplus of $0.1 billion to $20.6 billion.

By Country

Surpluses: The May figures show surpluses, in billions of dollars, with South and Central America ($4.1), Hong Kong ($2.6), Singapore ($0.6), Brazil ($0.5), Saudi Arabia (less than $0.1), and United Kingdom (less than $0.1).

RECOMMENDED ARTICLES

Deficits: Deficits were recorded, in billions of dollars, with China ($30.1), European Union ($16.9), Mexico ($9.1), Japan ($6.0), Germany ($5.8), Canada ($3.6), Italy ($2.6), France ($2.1), India ($1.9), Taiwan ($1.5), South Korea ($1.4), and OPEC ($0.1).

Non-Petrol Exports

Year-to-Date Numbers

Year-to-date, the goods and services deficit increased $15.7 billion, or 6.4 percent, from the same period in 2018. Exports increased $5.1 billion or 0.5 percent. Imports increased $20.8 billion or 1.6 percent.

Small gains vs China were wiped out by losses elsewhere, notably Mexico and the EU.

Trump is sure to howl about the EU.

Don't worry, imports will plunge in a recession.

Mike "Mish" Shedlock

Trade Deficit Widens as Imports Rise More Than Exports

The international trade deficit was $69.7 billion in November, up $1.6 billion from $68.1 billion in October.

Trade Deficit Widens 6.3% to $72.2 Billion, Worse than Expected

Economists expected the trade deficit to widen, but the report was outside the range of any estimate.

Trade Deficit Widens, Once Again More Than Consensus

It's a never-ending trade deficit story. And the pace is accelerating.

Balance of Trade Deficit Near Expectations: Analyzing the Impact on Second Quarter GDP

Today the BEA reported the US trade deficit was $-46.5 billion. The Econoday economists’ consensus estimate of $-46.2 billion for international trade was nearly on the mark, but the advance reading on goods pointed the way.

Trade Deficit Increases Slightly

The trade deficit in July increased by 1.7% to -$65.1 billion vs an Econoday consensus estimate of -64.1 billion. The Census Bureau revised June slightly, to -64.0 billion from -63.9 billion.

Trade Deficit Widens Again: Expect More Trump Howls

Trump is sure to howl over this month's trade report. The trade deficit rose again.

Trade Deficit Widens by 1.7% With China Leading the Way

Exports fell 0.1% and imports rose 0.2%. The result was a widening of the trade deficit to $55.5 billion.

Trade Gap Widens More Than Expected: Expect More Trump Howls

Economists expected the trade gap to increase, but the results were even worse, with falling exports the main culprit.

Trade Deficit Unexpectedly Widens (And It Will Get Worse)

The trade deficit widened to $-74.4 billion from $-72.3 billion. Economists expected the deficit to shrink slightly.