Exports, Imports Both Fall as Trade Deficit Climbs

Exports, Imports Both Fall as Trade Deficit Climbs

Wednesday, July 08, 2015

Sandler, Travis & Rosenberg Trade Report

The monthly U.S. trade deficit in goods and services rose 2.9 percent in May to $41.9 billion, according to trade statistics released July 7 by the Department of Commerce.

Total Imports and Exports. Imports were virtually unchanged in May at $230.5 billion while exports fell 0.8 percent to $188.6 billion. The year-to-date deficit was up 0.5 percent from a year earlier as exports fell 2.7 percent and imports dropped 2.2 percent.

Goods. The goods deficit grew by 2.0 percent to $61.5 billion. Imports of goods edged downward to $189.2 billion, with decreases of $800 million in drilling and oilfield equipment, $400 million in crude oil and $300 million in organic chemicals. Exports of goods totaled $127.7 billion, down 1.0 percent, including a $1.2 billion decrease in civilian aircraft but a $500 million increase in fuel oil and another $500 million rise in other petroleum products.

Services. The services surplus saw little movement and totaled $19.6 billion. Imports and exports both saw small increases and totaled $41.2 billion and $60.9 billion, respectively.