The May decrease in the goods and services deficit reflected a decrease in the goods deficit of
$0.9 billion to $67.5 billion and an increase in the services surplus of $0.2 billion to $21.0
billion.

Year-to-date, the goods and services deficit increased $27.0 billion, or 13.1 percent, from the
same period in 2016. Exports increased $54.3 billion or 6.0 percent. Imports increased $81.4 billion
or 7.3 percent.

Goods and Services Three-Month Moving Averages (Exhibit 2)
The average goods and services deficit increased $0.5 billion to $46.5 billion for the three months
ending in May.
* Average exports of goods and services increased $0.1 billion to $191.6 billion in May.
* Average imports of goods and services increased $0.6 billion to $238.0 billion in May.

Year-over-year, the average goods and services deficit increased $7.4 billion from the three months
ending in May 2016.
* Average exports of goods and services increased $10.2 billion from May 2016.
* Average imports of goods and services increased $17.6 billion from May 2016.

Exports (Exhibits 3, 6, and 7)

Exports of goods increased $0.2 billion to $127.2 billion in May.
Exports of goods on a Census basis increased $0.1 billion.
* Consumer goods increased $0.9 billion.
o Cell phones and other household goods increased $0.5 billion.
* Automotive vehicles, parts, and engines increased $0.6 billion.
o Passenger cars increased $0.4 billion.
* Foods, feeds, and beverages decreased $0.7 billion.
o Soybeans decreased $0.6 billion.
Net balance of payments adjustments increased $0.1 billion.

Exports of services increased $0.6 billion to $64.8 billion in May.
* Travel (for all purposes including education) increased $0.3 billion.
* Financial services increased $0.2 billion.

Imports (Exhibits 4, 6, and 8)

Imports of goods decreased $0.6 billion to $194.7 billion in May.
Imports of goods on a Census basis decreased $0.7 billion.
* Consumer goods decreased $1.5 billion.
o Cell phones and other household goods decreased $0.9 billion.
* Automotive vehicles, parts, and engines decreased $0.7 billion.
o Passenger cars decreased $1.3 billion.
* Capital goods increased $1.3 billion.
o Computers increased $0.5 billion.
Net balance of payments adjustments increased less than $0.1 billion.

Imports of services increased $0.4 billion to $43.8 billion in May.
* Travel (for all purposes including education) increased $0.2 billion.

Real Goods in 2009 Dollars – Census Basis (Exhibit 11)

The real goods deficit decreased $1.0 billion to $62.8 billion in May.
* Real exports of goods increased $1.2 billion to $125.0 billion.
* Real imports of goods increased $0.2 billion to $187.8 billion.

Revisions

Revisions to April exports
* Exports of goods were revised upward less than $0.1 billion.
* Exports of services were revised upward $0.2 billion.

Revisions to April imports
* Imports of goods were revised upward less than $0.1 billion.
* Imports of services were revised upward $0.2 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis (Exhibit 19)

The May figures show surpluses, in billions of dollars, with South and Central America ($2.4),
Hong Kong ($2.3), Singapore ($0.8), Brazil ($0.8), and United Kingdom ($0.7). Deficits were recorded,
in billions of dollars, with China ($30.1), European Union ($10.7), Mexico ($6.8), Japan ($6.4),
Germany ($4.7), Italy ($2.4), Canada ($2.2), India ($2.0), Taiwan ($1.7), France ($1.7), OPEC ($1.1),
South Korea ($0.8), and Saudi Arabia ($0.2).

* The deficit with the European Union decreased $2.6 billion to $10.7 billion in May. Exports
increased $0.5 billion to $23.4 billion and imports decreased $2.0 billion to $34.0 billion.
* The deficit with China decreased $2.0 billion to $30.1 billion in May. Exports increased
$0.6 billion to $11.3 billion and imports decreased $1.4 billion to $41.3 billion.

NOTES:

* All statistics referenced are seasonally adjusted; statistics are on a balance of
payments basis unless otherwise specified. Additional statistics, including not seasonally
adjusted statistics and details for goods on a Census basis, are available in Exhibits 1-20b
of this release. For information on data sources, definitions, revision procedures, and
scheduled release dates through December 2017, see the information section on page A-1 of
this release. The next release is August 4, 2017.

* For definitions of goods on a balance of payments basis, goods on a Census basis, and net
balance of payments adjustments, see the information section on page A-1 of this release.