*EPF512 07/11/2003
U.S. Trade Deficit Up Slightly in May
(Imports, exports both rise) (910)

Washington -- The U.S. trade deficit edged up by $200 million in May as imports rose slightly more than exports, the Department of Commerce said.

Exports increased by $700 million from April to $82,000 million and imports increased by $900 million to $123,900 million, bringing the overall deficit up to $41,800 million, according to figures released July 11.

Making up the overall deficit were a deficit in goods of $46,800 million -- a $400 million increase from the pervious month -- and a surplus in services of $4,900 million -- a $200 million increase.)

An increase in goods exports was fueled mostly by larger foreign sales of U.S. capital goods, automotive vehicles and parts, and industrial supplies and materials while a rise in goods imports reflected primarily increases in the first two categories.

An increase in services exports reflected a jump in travel and passenger fares, partly offset by a fall in freight, port and other transportation services. A rise in services imports reflected an upsurge in the same category, partly offset by decreases in other transportation and direct defense expenditures.

The goods deficit with China increased from $9,500 million in April to $9,900 million while the goods deficits with Japan and Western Europe fell from, respectively, $6,000 million to $4,500 million and $8,400 million to $8,300 million. In May the largest surpluses, with only small or no changes from April, were registered with Australia, Hong Kong and Egypt.

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. 2001 -357,819 1,007,580 1,365,399
Jan.-Dec. 2002 -418,038 974,107 1,392,145

Jan.- May. 2002 -159,375 398,169 557,543
Jan.- May 2003 -205,075 411,323 616,398

May 2002 -35,097 81,050 116,147
May 2003 -41,837 82,050 123,887

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. 2001 -427,215 718,712 1,145,927
Jan.-Dec. 2002 -482,872 681,874 1,164,746

Jan.- May 2002 -186,636 279,018 465,653
Jan.- May 2003 -229,156 411,323 616,398

May 2002 -40,830 288,158 517,314
May 2003 -46,777 57,583 104,360

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. 2001 68,396 288,866 219,472
Jan.-Dec. 2002 64,834 292,233 277,399

Jan.- May 2002 27,261 119,151 91,890
Jan.- May 2003 24,081 123,165 99,084

May 2002 5,733 24,202 18,469
May 2003 4,940 24,467 19,527

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 -42,397 60,024 102,421

North America -7,510 23,239 30,749
Canada -4,087 15,161 19,248
Mexico -3,422 8,078 11,500

Western Europe -8,263 13,820 22,083
Euro Area -5,769 9,389 15,158
European Union -7,397 12,729 20,126
Austria -234 139 373
Belgium 404 1,328 924
Finland -202 146 348
France -789 1,459 2,248
Germany -3,251 2,487 5,739
Italy -988 1,069 2,058
Netherlands 743 1,589 846
Spain -84 430 514
Sweden -809 269 1,078
United Kingdom -603 2,947 3,549
Other EU -1,584 866 2,450

European Free Trade
Association -743 814 1,557
Norway -396 119 515
Switzerland -323 681 1,044
Other EFTA -24 14 38
Other Western Eur. -123 277 400

Eastern Europe, Former
Soviet Reps. -874 580 1,454
Hungary -115 58 173
Poland -54 58 112
Former Sov. Reps. -547 366 913
Russia -507 261 768
Other FSR -40 105 145
Other Eastern Europe -158 98 256

Pacific Rim -17,596 15,022 32,617
Australia 455 1,049 594
China -9,862 2,013 11,875
Japan -4,488 4,579 9,068
Newly Industrialized
Countries -1,816 5,397 7,214
Hong Kong 437 1,062 626
South Korea -917 1,826 2,743
Singapore 22 1,302 1,280
Taiwan -1,358 1,207 2,565
Other Pacific Rim -1,884 1,983 3,867

South/Central America-2,305 4,143 6,448
Argentina -71 188 259
Brazil -507 886 1,393
Colombia -171 294 465
Other S/C America -1,556 2,776 4,331

OPEC -4,401 1,234 5,634
Indonesia -600 191 791
Nigeria -851 77 928
Saudi Arabia -1,293 357 1,650
Venezuela -1,357 179 1,537
Other OPEC -299 430 728

Other countries -3,410 2,354 5,764
Egypt 80 192 112
South Africa -133 223 356
Other -3,358 1,939 5,297

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.

(Distributed by the Bureau of International Information Programs, U.S. Department of State. Web site: http://usinfo.state.gov)

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