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Economy in Brief

U.S. Advance Trade Deficit Narrowed Slightly in May
by Tom Moeller  June 28, 2022

• Exports rise solidly while imports edge up.

• May & April deficits suggest trade will add to Q2 GDP growth.

The advance estimate of the U.S. international trade deficit in goods narrowed to $104.3 billion in May from $105.9 billion in April. A $102.4 billion deficit had been expected in the Action Economics Forecast Survey. Total exports rose 1.5% (22.4% y/y), the fourth consecutive month of strong increase. Total imports improved 0.4% in May (20.9% y/y) after a 5.0% April decline.

Industrial supplies & materials exports jumped 4.6% last month (39.9% y/y) after rising 3.0% in April. Exports of nonauto consumer goods increased 3.8% (19.6% y/y) and reversed a 1.1% drop. Auto exports strengthened 2.8% (17.5% y/y) after easing 0.6%. To the downside, foods, feeds & beverage exports fell 8.4% (+14.5% y/y) after a 12.4% April gain. Capital goods exports eased 0.6% (+8.0% y/y) following two months of strong increase.

Imports of industrial supplies & materials increased 3.4% (39.1% y/y) with strength in oil prices. Auto imports gained 1.1% (16.8% y/y) after rising 2.7% in April. Falling by 2.1% (+16.9% y/y) were consumer goods imports following an 8.2% decline. Foods, feeds & beverage imports eased 0.9% (+17.8% y/y) after two months of strong increase. Capital goods imports slipped 0.3% in May (+14.2% y/y) after falling 4.7%.

The advance international trade data can be found in Haver's USECON database. The expectation figure is from the Action Economics Forecast Survey, which is in AS1REPNA.

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