The United States trade deficit in January grew to $58.2 billion, up 0.6 percent from $57.9 billion in December.
Exports increased 1.6 percent to $148.2 billion, while imports gained 1.3 percent to $206.4 billion, the Commerce Department announced. Exports were strong as the weak dollar boosted sales of food, industrial supplies and consumer goods. Imports rose due to higher prices and volume for imported oil, although a slight rise in auto imports also contributed. Imports of goods alone increased 1.4 percent in to $173.3 billion, while exports of goods rose 1.6 percent to $104.5 billion. The petroleum deficit in January exceeded the non-petroleum deficit for the first time since October, 1992. The value of crude oil imports hit a record $39.5 billion, as the average price per barrel of crude oil reached a new high of $84.09. The U.S. imported 322.2 million barrels of crude oil in January, equivalent to 10.4 million barrels a day, up from 300.8 million barrels, or 9.7 million a day in December. The deficit with China narrowed to $20.3 billion in January, compared with $21.3 billion the same month the previous year. Commerce revised the U.S. deficit lower in December to $57.9 billion from an initial estimate of $58.8 billion.
Journal of Commerce
