Background

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.

Country/region

Deficit

% Change

Surplus

% Change

China

$23.7 billion

-7.8

   

European Union

$13.5 billion

-3.6

   

Mexico

$9.2 billion

-2.1

   

Germany

$5.6 billion

+1.8

   

Japan

$5.3 billion

+20.5

   

Italy

$2.6 billion

-10.3

   

Taiwan

$1.8 billion

-25.0

   

India

$1.7 billion

0

   

France

$0.7 billion

+133.3

   

Canada

$0.7 billion

-84.1

   

South Korea

$0.6 billion

-68.4

   

Singapore

$0.1 billion

Change from $0.5 billion surplus

   

Saudi Arabia

<$0.1 billion

Change from $0.3 billion surplus

   

South/Central America

   

$5.8 billion

+26.1

Hong Kong

   

$1.8 billion

-5.3

Brazil

   

$1.7 billion

+88.9

United Kingdom

   

$1.6 billion

+166.7

Copyright © 2021 Sandler, Travis & Rosenberg, P.A.; WorldTrade Interactive, Inc. All rights reserved.

ST&R: International Trade Law & Policy

Since 1977, we have set the standard for international trade lawyers and consultants, providing comprehensive and effective customs, import and export services to clients worldwide.

View Our Services 

Close

Cookie Consent

We use cookies on our website. By continuing to use our website, you agree to the Privacy Policy and Terms of Use.