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March 11, 2022

Record high goods trade deficit for US in January

The US trade deficit in goods and services rose by 9.4% in January, reflecting an increase in the goods deficit of US$7.1bn and a decline in the services surplus of $0.6bn

By Beth Wright

The trade deficit in goods amounted to $89.7bn in January, up $7.7bn from $82bn in December, revised, according to trade statistics released by the Department of Commerce. 

Exports were $224.4bn, $3.9bn less than December exports – while imports were $314.1bn, $3.8bn less than those in December.

The monthly US trade deficit in goods and services reached another record high in January as imports continued to increase but exports fell, international trade law firm Sandler, Travis & Rosenberg (ST&R) said.

Year-over-year, the goods and services deficit increased $24.6bn, or 37.7%, from January 2021. Exports were up $29.9bn or 15.4%, while imports increased $54.4bn or 21%.

The largest deficit in goods was recorded with China at $33.3bn, followed by the European Union at $18bn, and Mexico at $12.5bn.

Deficits were also recorded with Japan ($7.1bn), Canada ($6.8bn), Germany ($5.4bn), Taiwan ($3.9bn), Italy ($3.2bn), South Korea ($3bn), India ($2.4bn), Saudi Arabia ($0.8bn), and France ($0.8bn).

Surpluses for the month of January, meanwhile, were recorded with South and Central America ($4.4bn), Hong Kong ($2bn), Singapore ($1.3bn), Brazil ($1.1bn), and United Kingdom ($1bn).

Prior to the revision, the US international trade deficit in goods and services was reported as $80.7bn in December.

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