- US: Advance Trade & Inventories (Feb)
- Sweden: Retail Trade, PPI, International Trade (Feb); Iceland: CPI (Mar)
- Turkey: International Reserves (Feb); Mauritius: Wage Rate Index, LFS (Q4); Saudi Arabia: Non-Oil Foreign Trade (Jan); Palestine: BOP (Q4); UAE: Fuel Prices (Apr); Israel: Construction Starts & Completions (Q4); South Africa: Construction Survey (Q1); Tanzania: Trade (Q4)
- Brazil: PPI (Feb)
- more updates...
Economy in Brief
Texas Factory Sector Activity Remains Strong
The Dallas Fed indicated in its Texas Manufacturing Outlook Survey that the General Business Activity Index eased during March...
EMU Money and Credit Growth Are Less Than Impressive Than Euro-PMIs
EMU nominal money supply growth is slightly higher over three months, but credit growth in the EMU is slower...
Durable Goods Orders Strengthened by Another Jump in Aircraft
New orders for durable goods rose 1.7% (5.0% y/y) during February...
Correction to Unemployment Insurance Weekly Claims
The Department of Labor has issued a correction to yesterday's annual revision to seasonally adjusted weekly unemployment claims...
EMU PMIs Are Off to the Races...Farewell Mediocrity?
The PMI rankings for the manufacturing and service sector PMIs in the EMU are suddenly off the chart...
U.S. New Home Sales Improve While Prices Decline
Sales of new single-family homes increased 6.1% (12.8% y/y) during February to 592,000 units (AR)...
by Tom Moeller July 6, 2016
The U.S. trade deficit in goods and services widened to $41.1 billion in May from an unrevised $37.4 billion in April. The Action Economics Forecast Survey had expected a $40.0 billion deficit. The latest figure was the deepest in three months and occurred as exports eased 0.2% (-4.2% y/y) following a 1.4% rise, and imports increased 1.6% (-3.1% y/y) after a 2.0% jump.
The decline in exports reflected a 0.3% dip (-6.2% y/y) in goods exports. It was led by a 2.7% drop (-1.0% y/y) in auto & parts exports and a 1.9% decline (-4.5% y/y) in capital goods exports. Nonauto consumer goods exports followed with a 1.7% shortfall (-2.6% y/y). Exports of industrial supplies & materials improved 0.1% (-13.4% y/y) and foods, feeds & beverage exports gained 5.5% (-6.8% y/y). Exports of services eased 0.1% (-0.3% y/y) led by a 1.1% decline (+1.7% y/y) in travel exports and a 0.4% drop (-4.8% y/y) in charges for the use of intellectual property.
Imports of goods increased 1.9% (-4.1% y/y) as industrial supplies & materials imports surged 6.9% (-12.0% y/y). The value of energy-related petroleum product imports led the increase and jumped 11.2% (-28.3% y/y) as the per barrel cost of crude oil surged to $34.2. The quantity of energy-related product imports declined, however, by 2.5% (+7.4% y/y). Nonauto consumer goods imports jumped 2.7% (-2.0% y/y) while auto imports gained 0.9% (-1.1% y/y). Imports of foods, feed & beverages rose 0.7% (2.8% y/y, but capital goods imports declined 1.7% (-3.8% y/y). Services imports were unchanged ( 2.1% y/y). Travel imports also were unchanged (8.4% y/y) and charges for the use of intellectual property eased 0.3% (+0.3% y/y).
By country, the trade deficit with mainland China deepened to $29.0 billion. Exports declined 1.7% (-2.8% y/y) while imports rose 13.8% (-3.9% y/y). Exports to Japan increased 11.5% (-3.7% y/y) but imports declined 9.3% (-7.2% y/y). The trade deficit with the European Union increased to $13.4 billion. Exports fell 4.2% (-5.0% y/y) and imports gained 1.6% (-2.0% y/y).
The international trade data can be found in Haver's USECON database. Detailed figures are available in the USINT database. The expectations figures are from the Action Economics Forecast Survey, which is carried in the AS1REPNA.
The minutes to the latest FOMC meeting can be found here.
|Foreign Trade in Goods & Services (Current Dollars)||May||Apr||Mar||Y/Y||2015||2014||2013|
|U.S. Trade Deficit||$41.1 bil.||$37.4 bil.||$35.5 bil.||$40.2 bil.
|$500.4 bil.||$490.2 bil.||$461.9 bil.|
|Exports of Goods & Services (% Chg)||-0.2||1.4||-1.1||-4.2||-4.9||3.6||3.4|
|Imports of Goods & Services (% Chg)||1.6||2.0||-4.6||-3.1||-3.7||4.0||0.0|
|Petroleum (% Chg)||8.4||5.0||-3.9||-28.7||-45.5||-9.6||-11.0|
|Nonpetroleum (% Chg)||1.5||2.2||-5.7||-1.9||2.2||6.5||2.0|