US International Trade Deficit Drops. Maybe

Posted on 7 July 2018 by Ken Zino

May exports to Mexico ($22.7 billion) were the highest on record.

The U.S. international trade deficit in goods and services allegedly decreased to $43.1 billion in May from $46.1 billion in April (revised), as exports increased more than imports.*

“The Manufacturers’ Shipments, Inventories and Orders estimates are not based on a probability sample, so we can neither measure the sampling error of these estimates nor compute confidence intervals,” said Census. The 90% confidence interval includes zero.

The Census Bureau does not have sufficient statistical evidence to conclude that the actual change is different from zero. What this means is that the U.S. continues to run an enormous deficit as President Trump embarks on a trade war that could increase the deficit more.

Goods on a Census Basis

Exports

  • May exports of goods ($144.2 billion) were the highest on record.
  • May exports of foods, feeds, and beverages ($14.1 billion) were the highest on record.
  • May exports of capital goods ($48.2 billion) were the highest on record.
  • May exports of other goods ($6.2 billion) were the highest on record.
  • May petroleum exports ($14.2 billion) were the highest since December 2013 ($14.3 billion).
  • May non-petroleum exports ($130.0 billion) were the highest on record.

Imports

  • May imports of capital goods ($59.0 billion) were the highest on record.
  • The May import average price per barrel of crude oil ($58.37) was the highest since January 2015 ($59.01).

Country Highlights

Exports

  • May exports to Mexico ($22.7 billion) were the highest on record.
  • May exports to Singapore ($3.3 billion) were the highest on record.

Imports

  • May imports from South Korea ($6.7 billion) were the highest on record.
  • May imports from Singapore ($2.5 billion) were the highest on record.
  • May imports from Canada ($28.3 billion) were the highest since December 2014 ($28.8 billion).

 *All estimates are seasonally adjusted except for the Rental Vacancy Rate, Home Ownership Rate, Quarterly Financial Report for Retail Trade, and Quarterly Services Survey. None of the estimates are adjusted for price changes.

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About Ken Zino

Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn. He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe. Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap. AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks. Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
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