Background

The monthly U.S. trade deficit in goods and services reached another record high in January as imports continued to increase but exports fell.

According to statistics from the Department of Commerce, imports rose 1.2 percent from December to January to $314.1 billion, an all-time high. Imports of goods were up 1.8 percent to $264.8 billion, also a record, including increases $900 million in crude oil, $800 million in passenger cars, and $600 million each in natural gas, copper, and semiconductors. Imports of services fell 2.0 percent to $59.3 billion. For the year-to-date, total imports were up 21.0 percent from January 2021.

Exports, however, were down 1.7 percent for the month to $224.4 billion. Exports of goods fell 1.5 percent to $155.9 billion, with increases of $400 million in civilian aircraft and $200 million in telecommunications equipment overshadowed by a $3.2 billion decrease in pharmaceutical preparations. Services exports were down as well, losing 2.3 percent to $68.5 billion. For the year-to-date, total exports were up 15.4 percent from a year earlier.

With imports up and exports down, the monthly U.S. trade deficit jumped 9.4 percent in January to $89.7 billion. The deficit in goods trade was up 7.0 percent to $108.9 billion while the services trade surplus slipped 3.0 percent to $19.2 billion. For the year-to-date the overall trade deficit was up 37.7 percent from January 2021.

Country/region

Deficit

% Change

Surplus

% Change

China

$33.3 billion

+2.3

 

 

European Union

$18.0 billion

+10.4

 

 

Mexico

$12.5 billion

+13.6

 

 

Japan

$7.1 billion

+42.0

 

 

Canada

$6.8 billion

+61.9

 

 

Germany

$5.4 billion

+1.9

 

 

Taiwan

$3.9 billion

+2.6

 

 

Italy

$3.2 billion

+3.2

 

 

South Korea

$3.0 billion

-18.9

 

 

India

$2.4 billion

-38.5

 

 

France

$0.8 billion

0

 

 

Saudi Arabia

$0.8 billion

+14.3

 

 

South/Central America

 

 

$4.4 billion

-18.5

Hong Kong

 

 

$2.0 billion

+5.3

Singapore

 

 

$1.3 billion

+62.5

Brazil

 

 

$1.1 billion

-8.3

United Kingdom

 

 

$1.0 billion

+66.6

 

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