Background

Trade statistics released March 7 by the Department of Commerce show that the U.S. monthly trade deficit in goods and services rose 9.5 percent in January to $48.5 billion. Exports edged up 0.6 percent to $192.1 billion while imports rose 2.3 percent to $240.6 billion.

The goods deficit increased 6.1 percent to $69.7 billion. Imports of goods were up 2.6 percent to $197.6 billion, including increases of $1.7 billion in crude oil, $1.0 billion in cell phones and other household goods, and $700 million in passenger cars. Exports of goods were up 0.9 percent to $128.0 billion, including gains of $1.2 billion in crude oil and other petroleum products and $900 million in passenger cars along with a $600 million decrease in civilian aircraft.

The services surplus fell 1.4 percent to $21.4 billion. Imports were up 0.5 percent to $42.9 billion and exports were largely unchanged at $64.1 billion.

Country/region

Deficit

% Change

Surplus

% Change

China

$30.2 billion

0

   

European Union

$13.4 billion

+3.9

   

Germany

$5.7 billion

+9.6

   

Japan

$5.5 billion

-19.1

   

Mexico

$5.5 billion

+21.7

   

Italy

$2.4 billion

-14.3

   

South Korea

$2.3 billion

+27.8

   

Canada

$2.0 billion

+25.0

   

India

$1.9 billion

-5.0

   

France

$1.6 billion

+128.6

   

Taiwan

$0.9 billion

-10.0

   

United Kingdom

$0.9 billion

+350.0

   

Saudi Arabia

$0.9 billion

Shift from $0.4 billion surplus

   

Hong Kong

   

$3.5 billion

+66.7

South/Central America

   

$3.1 billion

+210.0

Singapore

   

$1.2 billion

+33.3

Brazil

   

$0.7 billion

+250.0

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