Background

The monthly U.S. trade deficit in goods and services saw a small 1.6 percent increase in January 2023 as both imports and exports increased. “A resilient domestic economy helped bolster demand for imports,” a Bloomberg article said, “while a months-long slide in the dollar likely helped drive overseas purchases of American-made goods.”

Imports gained 3.0 percent from December to $325.8 billion. Imports of goods were up 3.7 percent to $267.9 billion, with increases of $1.4 billion for trucks, buses, and special-purpose vehicles, $1.4 billion for passenger cars, and $900 million for drugs. Services imports inched ahead 0.2 percent to $57.9 billion.

Exports rose 3.4 percent in January to $257.5 billion. Exports of goods jumped 6.0 percent to $177.8 billion, with increases of $2.8 billion for drugs, $700 million for auto parts and accessories, and $500 million for civilian aircraft. Services exports slipped 2.0 percent to $79.7 billion.

With exports and imports both up, the monthly U.S. trade deficit increased from $67.2 billion in December to $68.3 billion in January. The deficit in goods trade was down 0.7 percent to $90.1 billion while the services trade surplus tumbled 7.2 percent to $21.8 billion.

Country/region

Deficit

% Change

Surplus

% Change

China

$21.9 billion

-3.9

 

 

European Union

$18.5 billion

-0.5

 

 

Mexico

$12.2 billion

+1.7

 

 

Vietnam

$8.0 billion

-1.2

 

 

Germany

$7.2 billion

-10.0

 

 

Japan

$5.6 billion

-22.2

 

 

Canada

$5.4 billion

+20.0

 

 

Ireland

$4.6 billion

-20.7

 

 

India

$4.5 billion

+36.4

 

 

South Korea

$3.7 billion

-7.5

 

 

Italy

$3.6 billion

-14.3

 

 

Taiwan

$3.5 billion

+16.7

 

 

Malaysia

$2.8 billion

+12.0

 

 

Switzerland

$1.4 billion

-46.2

 

 

France

$1.1 billion

-8.3

 

 

Israel

$0.6 billion

-14.3

 

 

Saudi Arabia

$0.2 billion

-71.4

 

 

South/Central America

 

 

$4.8 billion

-5.9

Netherlands

 

 

$3.2 billion

-27.3

United Kingdom

 

 

$2.7 billion

+42.1

Belgium

 

 

$1.8 billion

+63.7

Australia

 

 

$1.5 billion

0

Hong Kong

 

 

$1.5 billion

+15.4

Brazil

 

 

$0.6 billion

-33.3

Singapore

 

 

$0.4 billion

+100.0

 

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