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For additional information relating to this article, please contact:

Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email: thomas.storring@novascotia.ca

July 02, 2020
US TRADE BALANCE, MAY 2020

In May 2020, US Goods and Services trade deficit widened by $4.8 billion to $54.6 billion over Apr-20, and widened by $3.3 billion over May-19. Goods trade deficit widened by $4.2 billion to $76.1 billion over Apr-20, and widened $93 million over May-19. Services trade surplus narrowed by $0.6 billion to $21.5 billion over Apr-20, and narrowed by $3.2 billion over May-19.

In May 2020, Total Exports decreased 4.4% ($6.6 billion) over Apr-20, and decreased 32.1% ($68.3 billion) over May-19 to $144.5 billion. Goods exports decreased 5.8% ($5.5 billion) over Apr-20, and decreased 35.3% ($49.1 billion) over May-19 to $90.0 billion. Services exports decreased 2.0% ($1.1 billion) over Apr-20, and decreased 26.1% ($19.2 billion) over May-19 to $54.5 billion.

In May 2020, Total Imports decreased 0.9% ($1.8 billion) over Apr-20, and decreased 24.6% ($65.0 billion) over May-19 to $199.1 billion. Goods imports decreased 0.8% ($1.3 billion) over Apr-20, and decreased 22.8% ($49.0 billion) over May-19 to $166.0 billion. Services imports decreased 1.4% ($0.5 billion) over Apr-20, and decreased 32.5% ($16.0 billion) over May-19 to $33.1 billion.

Compared to May 2019, the US trade deficit widened by $3.3 billion, largely due to a $3.2 billion decrease in services trade surplus.  

 

Source: US Census BureauUS Bureau of Economic Analysis



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