International Trade Gap Widened 5.0% in January

The U.S. international trade deficit widened in January, growing 5.0% to $56.6 billion, according to the U.S. Census Bureau and the U.S. Bureau of Economic Analysis. This was the highest level since October 2008. Imports were unchanged, while exports fell 1.3%. December’s trade deficit was upwardly revised from $53.1 billion to $53.9 billion.

The goods deficit increased 3.8% to $76.5 billion, while the services surplus grew slightly to $19.9 billion.

Exports of goods fell 2.2% to $134.2 billion in January. Exports of services grew 0.4% to $66.7 billion.

Imports of goods decreased 0.1% to $210.7 billion. Imports of services grew 0.4% to $46.8 billion.

Read the Census/BEA release.

About Stephen Newton

Stephen Newton is an economic research associate at ABA.