The U.S. monthly international trade deficit increased in January 2013, according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $38.1 billion (revised) in December to $44.4 billion in January, as imports increased and exports decreased. The previously published December deficit was $38.5 billion. The goods deficit increased $5.7 billion from December to $61.8 billion in January, and the services surplus decreased $0.6 billion from December to $17.3 billion in January.
Exports
Exports of goods and services decreased $2.2 billion in January to $184.5 billion, mostly reflecting a decrease in exports of goods. Exports of services also decreased.
- The decrease in exports of goods was more than accounted for by decreases in industrial supplies and materials and other goods. An increase in capital goods was partly offsetting.
- The decrease in exports of services was more than accounted for by decreases in other transportation, which includes freight and port services and travel. An increase in other private services, which includes items such as business, professional, and technical services, insurance services, and financial services, was partly offsetting.
Imports
Imports of goods and services increased $4.1 billion in January to $228.9 billion, mostly reflecting an increase in imports of goods. Imports of services also increased.
- The increase in imports of goods was more than accounted for by increases in industrial supplies and materials, other goods, and capital goods. Decreases in consumer goods and automotive vehicles, parts, and engines were partly offsetting.
- The increase in imports of services reflected increases in travel, other transportation, passenger fares, and other private services.
Goods by geographic area (not seasonally adjusted)
- The goods deficit with Canada increased from $3.6 billion in December to $4.9 billion in January. Exports increased $0.9 billion to $23.0 billion, while imports increased $2.2 billion to $28.0 billion.
- The goods deficit with China increased from $24.5 billion in December to $27.8 billion in January. Exports decreased $1.0 billion to $9.4 billion, while imports increased $2.3 billion to $37.2 billion.
- The goods deficit with the European Union decreased from $8.7 billion in December to $8.6 billion in January. Exports decreased $1.4 billion to $20.2 billion, while imports decreased $1.5 billion to $28.9 billion.
To learn more about U.S. international trade in goods and services, read the full report.