The US trade deficit in goods and services increased 6.6% in January from a month earlier, the largest monthly shortfall in nearly a decade, according to new figures.
Data from the US Census Bureau and the US Bureau of Economic Analysis shows the trade deficit reached US$56.6bn, up $2.7 billion from $53.9 billion in December. Exports fell 1.2% to $200.9bn while imports were virtually unchanged at $257.5bn. The January increase in the deficit reflected a 3.8% increase in the goods deficit to $76.5bn and an increase in the services surplus of $0.1bn to $19.9bn. Year-over-year, the goods and services deficit increased $7.9bn, or 16.2%.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Exports of goods fell 2.2% on the month prior to $134.2bn, while imports gained 0.4% to $46.8bn and exports gained 0.5% to $66.7bn.
Consumer good exports for the month of January increased $1.2bn, while imports were down $0.9bn.
The largest deficits were recorded with China ($35.5bn), the European Union ($15bn), and Germany ($6.3bn).
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
