According to data from the US Census Bureau and the US Bureau of Economic Analysis on Wednesday, total May exports of 183.1 billion and imports of $231.8 billion resulted in a goods and services deficit of $48.7 billion, down from $50.6 billion in April. May exports were $0.4 billion more than April exports of $182.7 billion. May imports were $1.6 billion less than April imports of $233.3 billion.
In May, the goods deficit decreased $1.6 billion from April to $63.5 billion, and the services surplus increased $0.3 billion from April to $14.8 billion. Exports of goods were virtually unchanged at $130.7 billion, and imports of goods decreased $1.6 billion to $194.3 billion. Exports of services increased $0.3 billion to $52.4 billion, and imports of services increased $0.1 billion to $37.5 billion.
In a statement Wednesday, US Secretary of Commerce Rebecca Blank noted that "one of the bright spots in manufacturing exports has been motor vehicle and parts, which reflects the overall resurgence of cars and trucks made in the United States."
Meanwhile, Statistics Canada said that Canada's merchandise imports increased 0.4 percent while exports were relatively unchanged in May. As a result, Canada's trade deficit with the world widened from $623 million in April to $793 million in May. Imports rose to $39.7 billion, on the strength of energy products. Overall, prices were up 1.5 percent as increases were recorded in most sectors. Exports remained at $38.9 billion in May; the increase in volumes counterbalanced the decrease in prices. Higher exports of machinery and equipment nearly offset the decline in most sectors.