The following is the unedited transcript of the news release from The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce.


Goods and Services

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that total May exports of $157.5 billion and imports of $217.3 billion resulted in a goods and services deficit of $59.8 billion, down from $60.5 billion in April, revised. May exports were $1.4 billion more than April exports of $156.2 billion. May imports were $0.7 billion more than April imports of $216.7 billion.

In May, the goods deficit decreased $0.5 billion from April to $72.5 billion, and the services surplus increased $0.2 billion to $12.7 billion. Exports of goods increased $0.8 billion to $110.8 billion, and imports of goods increased $0.3 billion to $183.3 billion. Exports of services increased $0.6 billion to $46.7 billion, and imports of services increased $0.4 billion to $34.0 billion.

In May, the goods and services deficit increased $0.4 billion from May 2007. Exports were up $23.9 billion, or 17.8 percent, and imports were up $24.2 billion, or 12.5 percent.

Goods

The April to May change in exports of goods reflected increases in industrial supplies and materials ($1.2 billion) and automotive vehicles, parts, and engines ($0.2 billion). Decreases occurred in capital goods ($0.6 billion); foods, feeds, and beverages ($0.2 billion); and other goods ($0.1 billion). Consumer goods were virtually unchanged.

The April to May change in imports of goods reflected increases in consumer goods ($1.5 billion); capital goods ($0.7 billion); and foods, feeds, and beverages ($0.3 billion). Decreases occurred in automotive vehicles, parts, and engines ($0.8 billion); industrial supplies and materials ($0.3 billion); and other goods ($0.2 billion).

The May 2007 to May 2008 change in exports of goods reflected increases in industrial supplies and materials ($8.1 billion); foods, feeds, and beverages ($3.2 billion); capital goods ($2.8 billion); consumer goods ($1.3 billion); other goods ($0.9 billion); and automotive vehicles, parts, and engines ($0.4 billion).

The May 2007 to May 2008 change in imports of goods reflected increases in industrial supplies and materials ($15.1 billion); capital goods ($3.2 billion); consumer goods ($2.3 billion); foods, feeds, and beverages ($0.9 billion); and other goods ($0.4 billion). A decrease occurred in automotive vehicles, parts, and engines ($0.1 billion).

Services

Services exports increased $0.6 billion from April to May. The increase was mostly accounted for by increases in other private services (which includes items such as business, professional, and technical services, insurance services, and financial services), travel, and royalties and license fees. Changes in other categories of services exports were small.

Services imports increased $0.4 billion from April to May. The increase was mostly accounted for by increases in other transportation (which includes freight and port services), other private services, and travel. Changes in other categories of services imports were small.

From May 2007 to May 2008, services exports increased $6.4 billion. The largest increases were in other private services ($2.5 billion), travel ($1.5 billion), royalties and license fees ($1.1 billion), and other transportation ($1.0 billion). Within other private services, the largest increase was in business, professional, and technical services.

From May 2007 to May 2008, services imports increased $2.8 billion. The largest increases were in other private services ($1.2 billion) and travel ($0.5 billion). Within other private services, the largest increases were in business, professional, and technical services and in insurance services.

Goods and Services Moving Average

For the three months ending in May, exports of goods and services averaged $154.8 billion, while imports of goods and services averaged $213.7 billion, resulting in an average trade deficit of $58.9 billion. For the three months ending in April, the average trade deficit was $59.2 billion, reflecting average exports of $153.4 billion and average imports of $212.6 billion.

Selected Not Seasonally Adjusted Goods Details

The May figures showed surpluses, in billions of dollars, with Hong Kong $1.4 ($1.4 for April), Singapore $1.3 ($1.4), Australia $1.1 ($0.8), and Egypt $0.3 ($0.3). Deficits were recorded, in billions of dollars, with China $21.0 ($20.2), OPEC $17.9 ($15.6), the European Union $7.9 ($8.5), Mexico $6.6 ($6.8), Canada $5.4 ($7.4), Japan $5.0 ($7.6), Venezuela $3.9 ($3.0), Nigeria $3.2 ($3.4), Korea $1.1 ($1.3), and Taiwan $0.6 ($0.9).