Trade Deficit Still Climbing Amid Trade Rebound

The U.S. trade deficit in goods and services rose 2.4 percent in January as both imports and exports continued to increase, according to trade statistics released March 5 by the Department of Commerce.

The monthly trade deficit of $68.2 billion reflected a 0.9 percent increase in exports to $191.9 billion and a 1.2 percent increase in imports to $260.2 billion. The year-to-date deficit was up 53.7 percent from January 2020 as exports fell 7.6 percent and imports increased 3.2 percent.

The deficit in goods trade rose 1.5 percent in January to $85.4 billion. Imports of goods rose 1.6 percent to $221.1 billion, including increases of $5.0 billion in pharmaceutical preparations (including COVID-19 vaccines) and $500 million in artwork and other collectibles along with a $1.9 billion decrease in passenger cars. Exports of goods increased 1.6 percent to $135.7 billion, including increases of $600 million in other petroleum products and $500 million in other industrial machinery along with a decrease of $700 million in automotive vehicles, parts, and engines.

The services surplus inched ahead 0.6 percent to $17.2 billion, with imports down 7.6 percent to $39.0 billion and exports down 0.5 percent to $56.3 billion.

Country/region	Deficit	% Change	Surplus	% Change
China	$27.2 billion	-3.2
European Union	$20.1 billion	+4.7
Mexico	$11.9 billion	+15.5
Germany	$7.2 billion	+24.1
Japan	$5.2 billion	-5.5
Italy	$2.9 billion	-9.4
India	$2.3 billion	-17.9
France	$2.3 billion	+43.8
Taiwan	$2.1 billion	-34.4
Canada	$2.0 billion	+81.8
South Korea	$0.9 billion	-66.7
Singapore	$0.1 billion	-88.9
South/Central America			$5.3 billion	+35.9
Hong Kong			$2.4 billion	+14.3
Brazil			$1.5 billion	+87.5
United Kingdom			$0.5 billion	+150.0
Saudi Arabia			$0.5 billion	-16.7

 

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