by Calculated Risk on 7/10/2009 08:30:00 AM
Friday, July 10, 2009
Trade Deficit Declined in May
The Census Bureau reports:
The ... total May exports of $123.3 billion and imports of $149.3 billion resulted in a goods and services deficit of $26.0 billion, down from $28.8 billion in April, revised. May exports were $1.9 billion more than April exports of $121.4 billion. May imports were $0.9 billion less than April imports of $150.2 billion.
![U.S. Trade Deficit](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjeWWzzk_bqeGpII1tkKIU3c8uE_OAw-ksFsihrSkaGZYfe15betNzfm6ZH3rIMP89aC9pbmjOduouCl1gHm2PRq4NZx1acsBcIUuczJ0ncE6DjkoPv13yqNEkKLl4dH7EAvxpQyg/s320/TradeBalanceMay2009.jpg)
The first graph shows the monthly U.S. exports and imports in dollars through May 2009.
Imports declined again in May, but U.S. exports were up slightly. On a year-over-year basis, exports are off 21% and imports are off 31%.
The second graph shows the U.S. trade deficit, with and without petroleum, through May.
![U.S. Trade Deficit](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhLI63NNFqu-p9SXTby3MOVU-wfuwFXA4IHGUEnsECwpVoAHH8P9bXOxEdVrk5bDYKFxjQxZ-8z_Q-L5PD9J6HbHxQbrtBUkcykxGmhwNErMGnY832IQOj-aQ1NYKihhPCgRSUI2A/s320/TradeMay2009.jpg)
Import oil prices increased slightly to $51.21 in May - the third monthly increase in a row. Spot prices have increased since May, so oil prices will rise further for June and July.
It appears the cliff diving for U.S. trade might be over - especially for U.S. exports.