by Calculated Risk on 7/03/2014 03:35:00 PM
Thursday, July 03, 2014
Trade Deficit decreased in May to $44.4 Billion
Catching up ... the Department of Commerce reported this morning:
[T]otal May exports of $195.5 billion and imports of $239.8 billion resulted in a goods and services deficit of $44.4 billion, down from $47.0 billion in April, revised. May exports were $2.0 billion more than April exports of $193.5 billion. May imports were $0.7 billion less than April imports of $240.5 billion.The trade deficit was smaller than the consensus forecast of $45.1 billion.
The first graph shows the monthly U.S. exports and imports in dollars through April 2014.

Imports decreased and exports increased in May.
Exports are 18% above the pre-recession peak and up 4% compared to May 2013; imports are about 4% above the pre-recession peak, and up about 3% compared to May 2013.
The second graph shows the U.S. trade deficit, with and without petroleum, through May.

Oil imports averaged $96.12 in May, up from $95.48 in April, and down from $96.74 in May 2013. The petroleum deficit has generally been declining and is the major reason the overall deficit has declined since early 2012.
The trade deficit with China increased to $28.8 billion in May, from $27.9 billion in May 2013.