January 2022 Trade Gap is $89.7 Billion

The U.S. monthly international trade deficit increased in January 2022 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $82.0 billion in December (revised) to $89.7 billion in January, as imports increased and exports decreased. The previously published December deficit was $80.7 billion. The goods deficit increased $7.1 billion in January to $108.9 billion. The services surplus decreased $0.6 billion in January to $19.2 billion.

Exports
Exports of goods and services decreased $3.9 billion, or 1.7 percent, in January to $224.4 billion. Exports of goods decreased $2.3 billion and exports of services decreased $1.6 billion.

• The decrease in exports of goods reflected a decrease in consumer goods ($3.0 billion). An increase in capital goods ($1.1 billion) partly offset the decrease.
• The decrease in exports of services reflected decreases in travel ($1.8 billion) and in transport ($0.5 billion). Increases in other business services ($0.3 billion) and in financial services ($0.2 billion) partly offset the decreases.

Imports
Imports of goods and services increased $3.8 billion, or 1.2 percent, in January to $314.1 billion. Imports of goods increased $4.8 billion and imports of services decreased $1.0 billion.

• The increase in imports of goods reflected increases in automotive vehicles, parts, and engines ($1.6 billion), in industrial supplies and materials ($1.5 billion), in foods, feeds, and beverages ($1.4 billion), and in capital goods ($1.1 billion). A decrease in other goods ($1.6 billion) partly offset the increases.
• The decrease in imports of services reflected decreases in transport ($0.8 billion) and in travel ($0.5 billion). An increase in other business services ($0.1 billion) partly offset the decreases.

The global COVID-19 pandemic and the economic recovery continued to impact international trade. The full economic effects of the pandemic cannot be quantified in the statistics because the impacts are generally embedded in source data and cannot be separately identified. For more detailed information on trade by type of good or service and with major trading partners, see U.S. International Trade in Goods and Services, January 2022.