The U.S. Census Bureau has released the U.S. International Trade in Goods and Services report for January 2017. January exports of goods and services were $192.1 billion, the highest since December 2014 when they were $197.5 billion. January imports of goods and services were $240.6 billion, the highest since December 2014 when they were $241.2 billion.
This means a trade deficit of 48.7 billion up $4.2 billion from $44.3 billion in December, including a whopping $10.9 billion in the automotive sectors during January. For NAFTA fans: The deficit with Mexico increased $1.0 billion to $5.5 billion in January. Exports decreased $0.2 billion to $20.5 billion and imports increased $0.8 billion to $26.0 billion. Year-over-year, the goods and services deficit increased $5.1 billion, or 11.8%, from January 2016. Exports increased $13.3 billion or 7.4%. Imports increased $18.4 billion or 8.3%.
January 2017 U.S. Trade Data
- The top exports of goods were automotive parts and accessories at $5.0 billion; passenger cars, new and used at $4.9 billion; and pharmaceutical preparations at $4.5 billion.
- The top exports of services were travel (for all purposes including education) at $17.4 billion, other business services at $12.1 billion, and charges for the use of intellectual property at $10.2 billion.
- The top imports of goods were passenger cars, new and used at $15.9 billion; crude oil at $11.8 billion; and cell phones and other household goods at $9.6 billion.
- The top imports of services were travel (for all purposes including education) at $10.5 billion, transport at $8.5 billion, and other business services at $8.4 billion.
* All statistics are seasonally adjusted.