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Trade Deficit Resumes Downward Trend as Exports and Imports Fall

Monday, March 23, 2020
Sandler, Travis & Rosenberg Trade Report

The U.S. trade deficit in goods and services fell 6.8 percent in January after a 13.5 percent jump in December, according to trade statistics released March 6 by the Department of Commerce. The monthly deficit of $45.3 billion reflected a 0.4 percent decrease in exports to $208.6 billion and a 1.6 percent decline in imports to $253.9 billion. DOC states that the monthly deficit saw a 15.8 percent drop from a year earlier as exports rose 1.1 percent and imports fell 2.4 percent.

The deficit in goods trade fell 3.7 percent in January to $67.0 billion. Imports of goods were down 2.0 percent to $203.4 billion, including decreases of $1.3 billion in non-monetary gold and $600 million in other petroleum products. Exports of goods were down 1.0 percent to $136.4 billion, including an increase of $900 million in automotive vehicles, parts, and engines along with decreases of $1.7 billion in civilian aircraft, $800 million in crude oil, and $600 million in fuel oil.

The services surplus gained 2.8 percent to $21.7 billion, with imports down 0.2 percent to $50.5 billion and exports up 0.7 percent to $72.2 billion.

Country/region

Deficit

% Change

Surplus

% Change

China

$23.7 billion

-7.8

   

European Union

$13.5 billion

-3.6

   

Mexico

$9.2 billion

-2.1

   

Germany

$5.6 billion

+1.8

   

Japan

$5.3 billion

+20.5

   

Italy

$2.6 billion

-10.3

Taiwan

$1.8 billion

-25.0

   

India

$1.7 billion

0

   

France

$0.7 billion

+133.3

   

Canada

$0.7 billion

-84.1

   

South Korea

$0.6 billion

-68.4

   

Singapore

$0.1 billion

Change from $0.5 billion surplus

Saudi Arabia

<$0.1 billion

Change from $0.3 billion surplus

South/Central America

   

$5.8 billion

+26.1

Hong Kong

   

$1.8 billion

-5.3

Brazil

   

$1.7 billion

+88.9

United Kingdom

   

$1.6 billion

+166.7

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