Friday, March 6, 2015

U.S Foreign Trade Deficit Narrows Slightly

The U.S. international trade deficit narrowed slightly in January to $41.8 billion, down $3.8 billion from December. Both imports and exports decreased over the period, falling $9.4 and $5.6 billion respectively.

The goods deficit decreased by $3.4 billion to $61.6 billion, while the surplus in services increased $0.5 billion to $19.9 billion.

The fall in goods exported was largely composed of a $2.2 billion decrease in industrial supplies and materials, and a combined $1.1 billion decrease in fuel oil and other petroleum products.

The decrease in imported goods was largely due to a $4.5 billion decrease in the import of supplies and materials, and a $5.2 billion dollar fall in the amount of crude oil and petroleum products.

Since January 2014, the goods and services deficit increased 7.5%. Exports decreased by $3.3 billion (1.7%) and imports decreased $0.4 billion (0.2%).

Read the Census Bureau release.

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