According to the the May 2012 U.S. International Trade in Goods and Services report, U.S. goods and services exports in May 2012 increased 0.2 percent from April 2012 to reach $183.1 billion, with record exports in total services ($52.4 billion), and foods, feeds, and beverages ($11.8 billion).
Exports of U.S. goods and services through the first five months of 2012 were up 5.7 percent, or $48.6 billion, from the same period of 2011 to reach $908.7 billion.
Acting U.S. Secretary of Commerce Rebecca Blank said “U.S. exports posted their second-highest level on record in May despite some tough economic conditions abroad, confirming the progress we are making on the path to achieving the President’s goal of doubling exports by the end of 2014,” said Acting U.S. Commerce Secretary Rebecca Blank. “But there’s much more work to do, and we must keep up efforts to support manufacturers and the auto and transportation industries, including supporting President Obama’s continued efforts to leveling the playing field so that American businesses and workers can compete, win and sell their products around the world to create good-paying American jobs. We are on track toward exceeding last year’s export total of $2.1 trillion, which supported 9.7 million jobs. One of the bright spots in manufacturing exports has been motor vehicle and parts, which reflects the overall resurgence of cars and trucks made in the United States. ”
In May 2012, the monthly U.S. goods and services trade deficit improved by 3.8 percent to $48.7 billion when compared to April 2012. This reflected a $1.6 billion decrease in the goods trade deficit.
U.S. goods and services exports year-to-date through the first five months of 2012 were up 5.7 percent or $48.6 billion from the same period of 2011 to reach $908.7 billion.
In May 2012, the average import price per barrel of crude oil was $107.91 per barrel, slightly down from the $109.94 per barrel recorded in April 2012. The decrease in the value of crude oil imports in May 2012 was due entirely to the decrease in price, as the quantity of crude oil imports in May (272.3 million barrels) was up slightly from the quantity imported in April (270.0 million barrels).
TRADE SPOTLIGHT: Transportation Month
The United States exports a great deal of manufactured goods. Through May 2012, manufactured goods are up nearly 9 percent to $556.5 billion as compared to the same period in 2011. Nearly one-fifth (18 percent) of those goods are transportation equipment.
Transportation equipment (including aerospace products and parts, automotive vehicles and parts, ships and boats, railroad rolling stock, recreational vehicles, motorcycles and bicycles) accounted for the largest category of U.S. merchandise exports, amounting to $218 billion in 2011