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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