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.
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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.
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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).
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By GlobalDataSurpluses 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.
