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Friday, July 02, 2021

Trade Deficit Increased to $71.2 Billion in May

by Calculated Risk on 7/02/2021 01:59:00 PM

From the Department of Commerce reported:

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $71.2 billion in May, up $2.2 billion from $69.1 billion in April, revised.

May exports were $206.0 billion, $1.3 billion more than April exports. May imports were $277.3 billion, $3.5 billion more than April imports.
emphasis added
U.S. Trade Exports Imports Click on graph for larger image.

Exports and imports increased in May.

Exports are up 41% compared to May 2020; imports are up 38% compared to May 2020.

Both imports and exports decreased sharply due to COVID-19, and have now bounced back (imports  more than exports),

The second graph shows the U.S. trade deficit, with and without petroleum.

U.S. Trade Deficit The blue line is the total deficit, and the black line is the petroleum deficit, and the red line is the trade deficit ex-petroleum products.

Note that net, imports and exports of petroleum products are close to zero.

The trade deficit with China decreased to $26.3 billion in May, from $26.9 billion in May 2020.