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U.S. Trade Balance Improves In May As Deficit With China, Europe Shrinks

Courtesy of ZeroHedge. View original post here.

Coming in largely as expected, the U.S. monthly international trade deficit decreased in May 2017 from an unrevised $47.6 billion in April (revised)

to $46.5 billion in May, fractionaly worse than consensus expectations of $46.3 billion, as exports increased and imports decreased. According to the BEA, the goods deficit decreased $0.9 billion in May to $67.5 billion. The services surplus increased $0.2 billion in May to $21.0 billion. The most notably item about today's release is that the deficit with both the EU and China, the two largest trading partners, shrank by $2.6BN and $2.0BN respectively.

Exports

Exports of goods and services increased $0.9 billion, or 0.4% percent, in May to $192.0 billion. Exports of goods increased $0.2 billion and exports of services increased $0.6 billion.

  • The increase in exports of goods mostly reflected increasesin consumer goods ($0.9 billion) and in automotive vehicles, parts, and engines($0.6 billion). A decrease in foods, feeds, and beverages($0.7 billion) partly offset the increases.
  • The increase in exports of services mostly reflectedincreases in travel (for all purposes including education) ($0.3 billion) and in financial services($0.2 billion).

Imports

Imports of goods and services decreased $0.2 billion, or 0.1%percent, in May to $238.5 billion. Imports of goods decreased $0.6 billion and imports of services increased $0.4 billion.

  • The decrease in imports of goods mostly reflected decreasesin consumer goods ($1.5 billion) and in automotive vehicles, parts, and engines($0.7 billion). An increase in capital goods ($1.3 billion) partly offset the decreases.
  • The increase in imports of services mostly reflected an increase in travel (for all purposes including education)($0.2 billion).

* * *

Broken down geographically, the May figures show surpluses, in billions of dollars, with South and Central America ($2.4), Hong Kong ($2.3), Singapore ($0.8), Brazil ($0.8), and United Kingdom ($0.7).

Deficits were recorded with China ($30.1), European Union ($10.7), Mexico ($6.8), Japan ($6.4), Germany ($4.7), Italy ($2.4), Canada ($2.2), India ($2.0), Taiwan ($1.7), France ($1.7), OPEC ($1.1), South Korea ($0.8), and Saudi Arabia ($0.2).

  • The deficit with the European Union decreased $2.6 billion to $10.7 billion in May. Exports increased $0.5 billion to $23.4 billion and imports decreased $2.0 billion to $34.0 billion.
  • The deficit with China decreased $2.0 billion to $30.1 billion in May. Exports increased $0.6 billion to $11.3 billion and imports decreased $1.4 billion to $41.3 billion.

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