International Trade Balance Tightened in January

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $45.3 billion in January, down $3.3 billion from $48.6 billion in December, revised.

The average goods and services deficit decreased $0.7 billion to $45.9 billion for the three months ending in January.

Year-over-year, the average goods and services deficit decreased $10.2 billion from the three months ending in January 2019.

January exports were $208.6 billion, $0.9 billion less than December exports. January imports were $253.9 billion, $4.2 billion less than December imports.

The January decrease in the goods and services deficit reflected a decrease in the goods deficit of $2.6 billion to $67.0 billion and an increase in the services surplus of $0.6 billion to $21.7 billion.

Year-over-year, the goods and services deficit decreased $8.5 billion, or 15.8 percent, from January 2019. Exports increased $2.3 billion or 1.1 percent. Imports decreased $6.2 billion or 2.4 percent.

Read the Census/BEA release.

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About Author

Hugo Dante is an economist in Washington, D.C. He was previously an economic research specialist at ABA. In addition to the ABA Banking Journal, his writing has appeared in The Hill, The National Interest and Townhall. Views expressed here are his own.