The U.S. international trade deficit widened in January to $48.5 billion, up from $44.3 billion in December, according to the U.S. Census Bureau and the U.S. Bureau of Economic Analysis. The overall increase reflected a $1.1 billion increase in exports along with a $5.3 billion increase in imports.
The goods deficit increased $4.0 billion to $69.7 billion, while the services surplus decreased $0.2 billion to $21.4 billion.
Exports of goods rose $1.1 billion to $128.0 billion in January, driven by increases in industrial supplies and materials. They saw a jump of $2.1 billion, largely due to increases in crude oil and other petroleum products. Exports of services decreased less than $0.1 billion to $64.1 billion.
Imports of goods increased $5.1 billion to $197.6 billion, mostly due to an increase in consumer goods, which rose by $2.4 billion. Imports of services increased $0.2 billion to $42.9 billion in January.
Read the Census/BEA release.