International Trade Released On 7/3/2014 8:30:00 AM For May, 2014 Prior Prior Revised Consensus Consensus Range Actual Trade Balance Level $-47.2 B $-47.0 B $-45.1 B $-46.5 B to $-42.1 B $-44.4 B Highlights The trade deficit in May narrowed somewhat more than expected. The trade gap shrank to $44.4 billion from $47.0 billion in April. Exports rebounded 1.0 percent in May after slipping 0.1 percent the prior month. Imports dipped 0.3 percent, following a 1.1 percent boost in April.
The shrinking of the trade deficit was led by the petroleum gap which narrowed to $15.2 billion from $18.0 in April. Also, the services surplus improved to $18.9 billion from $18.6 billion. However, the goods excluding petroleum gap widened a bit to $47.0 billion from $46.6 billion in April.
On a not seasonally adjusted basis, the May numbers showed surpluses, in billions of dollars, with Hong Kong $2.5 ($2.7 for April), Australia $1.2 ($1.4), Brazil $1.1 ($1.1), and Singapore $1.0 ($0.9), among others. Deficits were seen, in billions of dollars, with China $28.8 ($27.3), European Union $12.3 ($14.0), Germany $6.6 ($7.0), Japan $5.1 ($6.0), Mexico $4.3 ($4.6), OPEC $4.2 ($6.7), Canada $2.8 ($2.7), South Korea $2.7 ($2.3), and Saudi Arabia $2.7 ($4.2), among others.
The latest report will likely increase estimates for second quarter GDP. Also, the strong-than-expected employment report for June adds to the argument that the second quarter will be notably improved.
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