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Economy in Brief


by Tom Moeller U.S. Trade Deficit Deepened As Expected July 12, 2007

The U.S. foreign trade deficit deepened in May right as expected to $60.0B from $58.7B during April. The figure compared toConsensus expectations for a deficit of $60.0B.

Total exports 2.2%% after 0.1% decline during April. Exports of non-auto consumer goods added a 0.6% (12.6% y/y) rise to the 1.2% and 2.8% jumps during the prior two months. Capital goods exports jumped 5.5% (7.8% y/y) after a moderate 1.8% decline during April. Exports of advanced technology goods made up 8.3% (12.1% y/y) of a 14.7% decline in April.

Exports of services from the U.S. jumped 1.3% (10.9% y/y) due to a 1.2% (5.0% y/y) in the other transportation category and a 10.6% (8.0% y/y) spike in military sales contracts. Exports of travel and passenger fares both declined after strong gains through much of the prior twelve months.

Imports of services rose 0.7% (4.0% y/y) after a 0.9% April decline. Imports of nonpetroleum products rose 1.4% (3.3% y/y) and imports of petroleum products rose 1.3% (-3.3% y/y) after an 8.3% April decline. Capital goods imports jumped 2.9% (6.2% y/y) while imports of nonauto consumer goods made up 1.5% (8.9% y/y) of a 4.1% drop during April. Imports of advanced technology products rose 0.4% (10.2% y/y) after a 6.4% April decline.

The quantity of crude oil imports rose 1.7% (-1.7%% y/y) and the barrel price of crude petroleum imports rose 3.6% (-4.3% y/y) after an 8.1% jump during April.

The U.S. trade deficit in goods with China deteriorated to $20.0B from 19.4B in April due to a 4.6% (13.5% y/y) rise in imports. The balance of goods trade with Japan improved to a $5.9B deficit from $-7.4B in April.

Basel II Implementation in the United States, remarks by Federal Reserve Board Governor Randell S. Kroszner, can be found here.

Foreign Trade  May April Y/Y 2006 2005 2004
U.S. Trade Deficit $60.0B $58.7B $65.7B
(5/06)
$758.5 $714.4B $612.1B
Exports - Goods & Services 2.2% -0.1% 11.1% 10.7% 10.9% 13.7%
Imports - Goods & Services 2.3% -2.0% 4.1% 10.4% 12.9% 16.8%
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