*EPF321 07/19/00
May U.S. Trade Deficit Hits Another Record as Exports Decrease
(Imports also down, though by smaller proportion) (800)
By Bruce Odessey
Washington File Staff Writer
Washington -- The U.S. trade deficit reached another record in May as exports decreased more than imports did, the U.S. Department of Commerce reports.
In a July 19 report, the department reported the May deficit at a seasonally adjusted $31,036 million, comprising a deficit in goods of $37,166 million and a surplus in services of $6,130 million.
As for many preceding months, the rising deficit was attributed to strong U.S. domestic demand, relatively weak foreign demand and a relatively strong exchange rate for the U.S. dollar.
U.S. imports of crude oil went up to $7,175 million in May from $6,878 in April even though the price per barrel slipped for the second consecutive month, to $24.16. That price still exceeds by far the price in May 1999, $14.60. The volume of oil imported in May, 297 million barrels, was the highest level since August 1998.
U.S. exports dropped broadly across sectors in May for the second consecutive monthly decrease. While exports dropped 1 percent to $85,749 million, imports dropped 0.3 percent to $116,785 million, with the largest decrease in foreign autos and auto parts.
The deficit with U.S. North American Free Trade Agreement (NAFTA) partners Canada and Mexico reached a record $6,405 million in May, up 24 percent. The deficit with South and Central America surged to $1,406 million in May from $705 million in April. The deficit with Japan fell to $6,937 million, down 5 percent; that with China rose to $6,312 million, up 8 percent; that with Western Europe rose to $5,019 million, up 22 percent.
Following are some key figures:
U.S. GOODS AND SERVICES EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance of payments basis, seasonally adjusted
Trade
balance Exports Imports
Jan.-Dec. 1998 -166,897 932,977 1,099,875
Jan.-Dec. 1999 -264,971 956,242 1,221,213
Jan.-May 1999 -92,635 385,939 478,574
Jan.-May 2000 -147,712 427,368 575,080
May 1999 -21,003 77,753 98,756
May 2000 -31,036 85,749 116,785
U.S. GOODS EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance of payments basis, seasonally adjusted
Trade
balance Exports Imports
Jan.-Dec. 1998 -246,853 670,324 917,178
Jan.-Dec. 1999 -345,559 684,358 1,029,917
Jan.-May 1999 -126,628 274,696 401,324
Jan.-May 2000 -179,899 308,263 488,162
May 1999 -27,753 55,343 83,096
May 2000 -37,166 61,970 99,136
U.S. SERVICES EXPORTS, IMPORTS AND TRADE BALANCE
Millions of dollars, on a balance of payments basis, seasonally adjusted
Trade
balance Exports Imports
Jan.-Dec. 1998 79,956 262,653 182,697
Jan.-Dec. 1999 80,588 271,884 191,296
Jan.-May 1999 33,993 111,243 77,250
Jan.-May 2000 32,187 119,105 86,918
May 1999 6,750 55,343 15,660
May 2000 6,130 61,970 17,649
U.S. GOODS EXPORTS, IMPORTS AND TRADE BALANCE, BY COUNTRY
Millions of dollars, on a Census basis, not seasonally adjusted
Bilateral May May
balance exports imports
Total -37,160 63,478 100,638
North America -6,405 24,513 30,918
Canada -3,956 15,602 19,558
Mexico -2,450 8,911 11,360
Western Europe -5,694 14,815 20,509
Euro Area -4,277 9,547 13,825
European Union -5,019 13,704 18,724
Austria -29 257 286
Belgium 205 1,083 878
Finland -193 115 308
France -1,018 1,601 2,618
Germany -2,434 2,407 4,841
Italy -1,272 790 2,062
Netherlands 900 1,758 858
Spain 286 752 466
Sweden -411 432 843
United Kingdom -268 3,504 3,773
Other EU -786 1,005 1,791
European Free Trade
Association -725 678 1,402
Norway -347 106 453
Switzerland -347 555 902
Other EFTA -30 17 48
Other Western Eur. 50 432 383
Eastern Europe, Former
Soviet Reps. -947 414 1,361
Hungary -140 44 185
Poland -43 48 91
Former Sov. Reps. -696 218 914
Russia -519 135 654
Other FSR -177 83 260
Other Eastern Europe -67 104 171
Pacific Rim -17,429 16,185 33,614
Australia 483 1,048 565
China -6,312 1,524 7,835
Japan -6,937 5,054 11,990
Newly Industrialized
Countries -2,268 6,700 8,969
Hong Kong 205 1,121 916
South Korea -747 2,357 3,103
Singapore -260 1,256 1,517
Taiwan -1,467 1,966 3,432
Other Pacific Rim -2,395 1,860 4,255
South/Cent. America -1,406 4,593 5,998
Argentina 133 361 228
Brazil 74 1,170 1,096
Colombia -311 295 606
Other S/C America -1,302 2,767 4,068
OPEC -4,119 1,289 5,408
Indonesia -671 171 842
Nigeria -708 32 740
Saudi Arabia -940 369 1,308
Venezuela -1,157 382 1,539
Other OPEC -643 335 978
Other countries -3,010 2,201 5,211
Egypt 201 250 49
South Africa -130 215 345
Other -3,082 1,736 4,818
NOTE: Data on a Census basis reflect movement of goods into and out of the United States through U.S. Customs Service stations. Balance-of-payments basis data adjust Census data to include products that bypass Customs, such as exports of military aircraft and imports of electricity from Canada.
(The Washington File is a product of the Office of International Information Programs, U.S. Department of State. Web site: http://usinfo.state.gov)
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