U.S Trade Deficit was $56.6 billion in January

The US Census Bureau, announced today that the U.S. trade deficit was $56.6 billion in January, up $2.7 billion from $53.9 billion in December. The January increase in the goods and services deficit reflected an increase in the goods deficit of $2.8 billion to $76.5 billion and an increase in the services surplus of $0.1 billion to $19.9 billion.

Annual Trade Highlights

January exports were $200.9 billion, $2.7 billion less than December exports.
Year-over-year, the goods and services deficit increased $7.9 billion, or 16.2 percent, from January 2017.
Year-over-year, exports increased $9.7 billion or 5.1 percent. Imports increased $17.6 billion or 7.4 percent.
Exports of goods decreased $3.0 billion to $134.2 billion in January.
Exports of services increased $0.3 billion to $66.7 billion in January.
January imports were $257.5 billion, down less than $0.1 billion from December imports.
Imports of goods decreased $0.2 billion to $210.7 billion in January.
Imports of services increased $0.2 billion to $46.8 billion in January.

Goods By Geographic Area

The goods deficit with the European Union decreased from $15.8 billion in December to $13.6 billion in January. Exports decreased $1.5 billion (primarily organic chemicals, crude oil, and passenger cars) to $23.3 billion, while imports decreased $3.7 billion (primarily passenger cars and civilian aircraft) to $36.9 billion.

The goods deficit with China increased from $30.8 billion in December to $36.0 billion in January. Exports decreased $3.8 billion (primarily civilian aircraft, engines, and parts and soybeans) to $9.8 billion, while imports increased $1.3 billion (primarily footwear and apparel) to $45.8 billion.

The goods deficit with Canada increased from $2.2 billion in December to $3.6 billion in January. Exports decreased $0.6 billion (primarily passenger cars and materials handling equipment) to $22.6 billion, while imports increased $0.8 billion (primarily crude oil) to $26.3 billion.

For further information visit U.S. Census Bureau website www.census.gov