U.S. Trade – Three-Year High for Imports

AutoInfomred on Record U.S. Trade Deficit

For NAFTA fans: The deficit with Mexico increased $1.0 billion to $5.5 billion in January.

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.

About Ken Zino

Ken Zino is an auto industry veteran with global experience in print, broadcast and electronic media. He has auto testing, marketing, public relations and communications expertise garnered while working in Asia, Europe and the U.S.
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