by Calculated Risk July 3, 2024 8:48 AM
Census Bureau and Bureau of Economic Analysis report:
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis today
The goods and services deficit was $75.1 billion in May.This is an increase of $600 million from $74.5 billion in April (revised).Exports in May were $261.7 billion, down $1.8 billion from April. Imports in May were $336.7 billion, down $1.2 billion from April.
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Click on the graph to enlarge the image.
Both exports and imports decreased in May.
Exports increased 4.3% year-on-year, while imports increased 6.2% year-on-year.
Both exports and imports fell sharply due to the impact of COVID-19, but have since recovered and have recently been increasing overall.
The second chart shows the US trade deficit with and without oil.
The blue line is the total deficit, the black line is the oil deficit, and the red line is the trade deficit excluding petroleum products.
It should be noted that net exports of petroleum products are positive and on an increasing trend.
The trade deficit with China fell to $24 billion from $25.2 billion a year earlier.
