U.S. DEFICIT UP TO $56.6 BLN
BEA - The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $56.6 billion in January, up $2.7 billion from $53.9 billion in December, revised.
Exports, Imports, and Balance
January exports were $200.9 billion, $2.7 billion less than December exports. January imports were $257.5 billion, down less than $0.1 billion from December imports.
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.
Year-over-year, the goods and services deficit increased $7.9 billion, or 16.2 percent, from January 2017. Exports increased $9.7 billion or 5.1 percent. Imports increased $17.6 billion or 7.4 percent.
Three-Month Moving Averages
The average goods and services deficit increased $2.5 billion to $53.8 billion for the three months ending in January.
- Average exports increased $1.7 billion to $201.6 billion in January.
- Average imports increased $4.2 billion to $255.4 billion in January.
Year-over-year, the average goods and services deficit increased $7.2 billion from the three months ending in January 2017.
- Average exports increased $13.1 billion from January 2017.
- Average imports increased $20.3 billion from January 2017.
Exports of goods decreased $3.0 billion to $134.2 billion in January.
Exports of goods on a Census basis decreased $3.3 billion.
- Capital goods decreased $2.6 billion.
- Civilian aircraft decreased $1.8 billion.
- Industrial supplies and materials decreased $1.3 billion.
- Fuel oil decreased $0.5 billion.
- Crude oil decreased $0.2 billion.
- Other chemicals decreased $0.2 billion.
- Other goods decreased $1.0 billion.
- Consumer goods increased $1.2 billion.
- Artwork, antiques, stamps, and other collectibles increased $0.5 billion.
- Pharmaceutical preparations increased $0.4 billion.
Net balance of payments adjustments increased $0.3 billion.
Exports of services increased $0.3 billion to $66.7 billion in January.
- The largest increase was in charges for the use of intellectual property ($0.1 billion).
- The only decrease was in maintenance and repair services ($0.1 billion).
Imports of goods decreased $0.2 billion to $210.7 billion in January.
Imports of goods on a Census basis decreased $0.3 billion.
- Capital goods decreased $1.3 billion.
- Civilian aircraft decreased $0.9 billion.
- Semiconductors decreased $0.5 billion.
- Consumer goods decreased $0.9 billion.
- Cell phones and other household goods decreased $1.2 billion.
- Industrial supplies and materials increased $2.0 billion.
- Crude oil increased $2.2 billion.
Net balance of payments adjustments increased $0.2 billion.
Imports of services increased $0.2 billion to $46.8 billion in January.
- The largest increase was in other business services ($0.2 billion).
- The largest decrease was in travel (for all purposes including education) ($0.2 billion).
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