Export Decline Drives Up Monthly Trade Deficit

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.