Background

The U.S. trade deficit in goods and services increased 6.6 percent in January to $56.6 billion, the largest monthly shortfall in nearly a decade, according to trade statistics released by the Department of Commerce. Exports fell 1.2 percent to $200.9 billion while imports were virtually unchanged at $257.5 billion.

The deficit in goods trade gained 3.8 percent to $76.5 billion in January. Imports of goods slid 0.1 percent to $210.7 billion, including decreases of $1.2 billion in cell phones and other household goods, $900 million in civil aircraft, and $500 million in semiconductors along with a $2.2 billion increase in crude oil. Exports of goods fell 2.2 percent to $134.2 billion, including decreases of $1.8 billion in civil aircraft, $500 million in fuel oil, and $200 million in crude oil along with increases of $500 million in artwork, antiques, stamps, and other collectibles and $400 million in pharmaceutical preparations.

The services surplus was up 0.5 percent to $19.9 billion. Imports gained 0.4 percent to $46.8 billion and exports gained 0.5 percent to $66.7 billion.

Country/region

Deficit

% Change

Surplus

% Change

China

$35.50 billion

+4.4

   

European Union

$15.0 billion

-12.8

   

Germany

$6.3 billion

+10.5

   

Mexico

$5.6 billion

+8.2

   

Japan

$5.6 billion

+1.8

   

Italy

$2.8 billion

-24.3

   

India

$1.8 billion

-14.3

   

South Korea

$1.5 billion

-28.6

   

Taiwan

$1.5 billion

-6.3

   

Canada

$1.5 billion

+7.2

   

France

$1.4 billion

-33.3

   

Saudi Arabia

$0.6 billion

0

   

Hong Kong

   

$2.6 billion

+4.0

South/Central America

   

$2.4 billion

-35.1

Singapore

   

$0.9 billion

0

Brazil

   

$0.5 billion

-54.5

United Kingdom

   

$0.3 billion

0

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