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The U.S. trade deficit in goods and services fell 6.8 percent in January after a 13.5 percent jump in December, according to trade statistics released March 6 by the Department of Commerce. The monthly deficit of $45.3 billion reflected a 0.4 percent decrease in exports to $208.6 billion and a 1.6 percent decline in imports to $253.9 billion. DOC states that the monthly deficit saw a 15.8 percent drop from a year earlier as exports rose 1.1 percent and imports fell 2.4 percent.
The deficit in goods trade fell 3.7 percent in January to $67.0 billion. Imports of goods were down 2.0 percent to $203.4 billion, including decreases of $1.3 billion in non-monetary gold and $600 million in other petroleum products. Exports of goods were down 1.0 percent to $136.4 billion, including an increase of $900 million in automotive vehicles, parts, and engines along with decreases of $1.7 billion in civilian aircraft, $800 million in crude oil, and $600 million in fuel oil.
The services surplus gained 2.8 percent to $21.7 billion, with imports down 0.2 percent to $50.5 billion and exports up 0.7 percent to $72.2 billion.
Change from $0.5 billion surplus
Change from $0.3 billion surplus