Imports, Exports Down In January
Exports and imports both fell in January, but imports fell faster, reducing the trade deficit.
According to the latest numbers from the U.S. Census Bureau and the U.S. Bureau of Economic Analysis, total January exports of $124.9 billion represented a drop of $7.6 billion from December, while imports were down $11.5 billion to $160.9 billion. That meant a drop in the trade deficit to $36 billion from $39.9 billion in December.
The goods deficit decreased $4.3 billion to $47 billion, while the services surplus decreased $400 million to $10.9 billion.
Exports of capital and automotive goods led to the drop in exports, falling by $3 billion and $2.2 billion respectively. Meanwhile, imports of industrial supplies and materials dropped $4.6 billion and automotive goods fell by $3.3 billion.
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