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Trade Deficit Continues to Climb as Exports, Imports Both Fall

Tuesday, March 08, 2016
Sandler, Travis & Rosenberg Trade Report

Trade statistics released March 4 by the Department of Commerce show that the U.S. trade deficit in goods and services rose 2.2 percent in January as exports tumbled 2.1 percent to $176.5 billion and imports slipped 1.3 percent to $222.1 billion.

The goods deficit rose 1.8 percent in January to $63.7 billion. Imports of goods were down 1.6 percent to $180.6 billion as imports of crude oil fell $1.8 billion and imports of civilian aircraft were down $900 million. Exports of goods declined 3.3 percent to $116.9 billion, including decreases of $800 million for consumer goods and $700 million for fuel oil.

The services surplus gained 0.6 percent to $18.0 billion. Imports were down less than $100 million to $41.5 billion and exports rose $200 million to $59.6 billion.

Country/region

Deficit

% Change

Surplus

% Change

China

$31.1 billion

+3.0

   

European Union

$12.6 billion

-1.6

   

Germany

$5.8 billion

+5.5

Japan

$5.6 billion

0

Mexico

$5.6 billion

+3.7

 

South Korea

$2.9 billion

+26.1

   

Italy

$2.4 billion

0

   

India

$2.3 billion

+9.5

   

France

$1.5 billion

-28.6

   

Canada

$0.5 billion

-44.4

   

Saudi Arabia

$0.2 billion

Change from $0.4 billion surplus

United Kingdom

$0.1 billion

Change from $0.3 billion surplus

   

South/Central America

   

$3.1 billion

+12.9

Brazil

   

$0.6 billion

+500

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