Foreign Trade Deficit Widened in January

The U.S. international trade deficit widened in January to $45.7 billion, up $1.0 billion from December. The widening of the balance was driven by a $3.8 billion decrease in exports, partially offset by a $2.8 billion decrease in imports.

The goods deficit increased $1.1 billion to $63.7 billion, while the services surplus increased $0.1 billion to $10.0 billion.

Exports of goods fell $4.0 billion to $116.9 billion, driven largely by a $1.2 billion decrease in capital goods, as well as decreases in exports of consumer goods and fuel oil. Exports of services grew $0.2 billion to $59.6 billion, largely on account of travel and transportation.

Imports of goods fell $2.9 billion to $180.6 billion, largely due to a $1.8 billion fall in crude oil imports, as well as a $1.2 billion decline in capital goods imports.

Imports of services increased less than $0.1 billion to $41.5 billion, due to marginal increases in travel and other business services.

Read the Census/BEA release.