(CNSNews.com) - The United States ran a $29,016,900,000 merchandise trade deficit with China in May, according to the data released today by the U.S. Census Bureau.
That was by far the largest bilateral merchandise trade deficit the U.S. ran with any country during the month.
The overall not-seasonally-adjusted U.S. merchandise trade deficit for May was $63,979,100,000, according to the Census Bureau. From January through May 2015, according to current Census Bureau, the U.S. ran a not-seasonally-adjusted merchandise trade deficit of $58,426,100,000.
The $29,016,900,000 bilateral merchandise trade deficit with China in May was five times as large as the bilateral deficit with Mexico.
Rounding out the Top Ten nations with which the U.S. ran its largest (not seasonally adjusted) bilateral merchandise trade deficits in May were Germany ($5,693,400,000), Japan ($4,665,600,000), Ireland ($3,117,700,000), Italy ($2,620,300,000), Vietnam ($2,532,600,000), India ($2,531,700,000), South Korea ($2,529,100,000) and Malaysia ($2,203,200,000).
Four of these Top Ten—Mexico, Japan, Vietnam and Malaysia—are among the 11 nations with which the Obama administration negotiated the Trans-Pacific Partnership (TPP) trade deal that was signed in February. Congress has not yet approved that deal.
Overall during the month of May, the U.S. exported $119,612,200,000 in goods and imported $183,591,300,000—resulting in the total not-seasonally-adjusted merchandise trade deficit for the month of $63,979,100,000, according to the Census Bureau.
Through the first five months of the year (January through May), the U.S. ran a not-seasonally-adjusted merchandise trade deficit of $284,556,300,000.
In the same five months, the U.S. ran a cumulative $131,269,100,000 bilateral merchandise trade deficit with China alone.
In May 2015, according to current Census Bureau figures, the U.S. ran a $30,310,200,000 bilateral merchandise trade deficit with China. In January through May of 2015, the U.S. ran a $140,297,600,000 merchandise trade deficit with China.
The merchandise trade balance includes only the trade in goods, not services.
In addition to the United States, the nations that would be included in the TPP include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.
“The Trans-Pacific Partnership (TPP) is a proposed free trade agreement (FTA) among the United States and 11 Asia-Pacific countries,” the Congressional Research Service said in a report published on June 14. “The U.S. Trade Representative (USTR) has described it as a ‘comprehensive and high standard’ agreement, designed to eliminate and reduce trade barriers and to establish and extend the rules and disciplines of the trading system among the parties to the agreement.”
“If implemented,” said the CRS report, “it would be the largest plurilateral FTA by value of trade, encompassing roughly 40% of world GDP, and could serve further to integrate the United States in the dynamic Asia-Pacific region. As a ‘living agreement,’ it has the potential to negotiate new rules and expand its membership. It could also mark a shift to the negotiation of ‘mega-regional’ trade liberalization agreements in lieu of bilateral FTAs and broader multilateral trade liberalization in the World Trade Organization (WTO).”