Trade deficit widens to $68.3 billion in January
To Estimated risk per 08.03.2023 10:38:00
From the Ministry of Commerce informed:
The US Census Bureau and the US Bureau of Economic Analysis announced today that The shortage of goods and services in January amounted to $68.3 billion.up $1.1 billion from $67.2 billion in December (revised).
January exports amounted to $257.5 billion, up $8.5 billion from exports in December. January imports were $325.8 billion, up $9.6 billion from December imports.
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Click on the graph to enlarge the image.
Both exports and imports increased in January.
Exports grew by 13% compared to last year; imports grew by 3% compared to last year.
Both imports and exports declined sharply due to COVID-19 and then recovered.
The second chart shows the US trade deficit with and without oil.
The blue line is the total deficit, the black line is the oil deficit, and the red line is the trade deficit excluding oil products.
Note that net exports of petroleum products are positive.
The trade deficit with China narrowed to $25.2 billion in January from $36.4 billion a year earlier.
The trade deficit was close to the consensus forecast.