by Calculated Risk on 7/03/2019 08:47:00 AM

From the Department of Commerce reported:

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $55.5 billion in May, up $4.3 billion from $51.2 billion in April, revised.

May exports were $210.6 billion, $4.2 billion more than April exports. May imports were $266.2 billion, $8.5 billion more than April imports.

Click on graph for larger image.

Exports and imports increased in May.

Exports are 27% above the pre-recession peak and down 1% compared to May 2018; imports are 15% above the pre-recession peak, and up 3% compared to May 2018.

In general, trade had been picking up, but both imports and exports have moved more sideways recently.

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

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.

Oil imports averaged $60.56 per barrel in May, up from $57.16 in April, and up from $58.38 in May 2018.

The trade deficit with China decreased to $30.2 billion in May, from $33.5 billion in May 2018.