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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.
Shift from $0.4 billion surplus