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Goods and Services Deficit Increased in May 2020
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The nation's international trade deficit in goods and services increased to $54.6 billion in May from $49.8 billion in April (revised), as exports decreased more than imports. The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $54.6 billion in May, up $4.8 billion from $49.8 billion in April, revised.
Exports, Imports, and Balance
May exports were $144.5 billion, $6.6 billion less than April exports. May imports were $199.1 billion, $1.8 billion less than April imports. The May increase in the goods and services deficit reflected an increase in the goods deficit of $4.2 billion to $76.1 billion and a decrease in the services surplus of $0.6 billion to $21.5 billion. Year‐to‐date, the goods and services deficit decreased $22.3 billion, or 9.1 percent, from the same period in 2019. Exports decreased $148.3 billion or 14.0 percent. Imports decreased $170.6 billion or 13.1 percent.
Three‐Month Moving Averages
The average goods and services deficit increased $6.6 billion to $48.9 billion for the three months ending in May.
- Average exports decreased $22.4 billion to $161.9 billion in May.
- Average imports decreased $15.8 billion to $210.8 billion in May.
Year‐over‐year, the average goods and services deficit decreased $0.9 billion from the three months ending in May 2019.
- Average exports decreased $49.8 billion from May 2019.
- Average imports decreased $50.7 billion from May 2019.
Posted: July 2, 2020 Thursday 08:30 AM