May 2011 International Trade

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According to data compiled by the Netherlands Bureau for Economic Policy Analysis, world trade volume recovered by 2.3 percent in May from the previous month, following a revised fall of 2.2 percent in April. Imports of all major regions and countries increased strongly. However, exports of the emerging countries declined further with the exception of Latin America. Exports of the advanced economies recovered to the highest level since the outbreak of the financial crisis, but are still 4 percent down on the pre-crisis peak. U.S. exports declined in May, while Japanese exports recovered further from the blow caused by the March earthquake.

Prices slipped 0.3 percent between April and May, but remained 24.4 percent above their February 2009 low.
 

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The U.S. goods and services deficit expanded by 15.1 percent (to $50.2 billion) in May, its widest gap since October 2008. Exports totaled $174.9 billion (down from $175.8 billion in April), while imports totaled $225.1 billion (up from $219.4 billion in April).
 

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Paper exports decreased by 56,000 tons (1.7 percent) in May, while imports rose by 24,000 tons (6.3 percent). Exports remained 462,000 tons (16.7 percent) and imports 8,000 tons (2.0 percent) above year-earlier levels.
 

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Softwood lumber exports rose by 12 MMBF (8.2 percent) in May while imports retreated by 49 MMBF (6.2 percent). Exports were 41 MMBF (36.7 percent) higher than year-earlier levels, but imports were 83 MMBF (10.1 percent) lower.