by Calculated Risk on 7/03/2013 11:13:00 AM

Catching up ... the Department of Commerce reported this morning:

[T]otal May exports of $187.1 billion and imports of $232.1 billion resulted in a goods and services deficit of $45.0 billion, up from $40.1 billion in April, revised. May exports were $0.5 billion less than April exports of $187.6 billion. May imports were $4.4 billion more than April imports of $227.7 billion.

The trade deficit was higher than the consensus forecast of $40.8 billion.

The first graph shows the monthly U.S. exports and imports in dollars through May 2013.

Click on graph for larger image.

Imports increased in May, and exports decreased slightly.  

Exports are 13% above the pre-recession peak and up 2% compared to May 2012; imports are at the pre-recession peak, and up 1% compared to May 2012 (mostly moving sideways).

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

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.  Most of the recent improvement in the trade deficit is related to petroleum.

Oil averaged $96.84 in May, down slightly from $97.82 in April, and down from $108.06 in May 2012. 

The trade deficit with the euro area was $8.9 billion in May, up from $8.7 billion in May 2012.

The trade deficit with China increased to $27.9 billion in May, up from $26.0 billion in May 2012.  Most of the trade deficit is related to oil and China.