WASHINGTON – The nation’s imports of goods and services exceeded exports in January by $59.1 billion, down 3.8 percent from December’s $61.5 billion trade deficit, the U.S. Bureau of Economic Analysis reported today.
Exports increased $1.4 billion or 1.1 percent in January to a record $126.7 billion. Rising exports of capital goods, consumer goods, foods, feeds and beverages, and industrial supplies were partially offset by declines in automotive parts and vehicles and other goods.
Imports declined $1.0 billion or 0.5 percent to $185.8 billion. Decreases in imports of auto parts and vehicles, consumer goods and other goods were partially offset by increases in capital goods and industrial supplies.
Compared with January 2006, the trade deficit $7.4 billion lower, exports increased $12.3 billion or 10.7 percent and imports grew $4.9 billion or 2.7 percent.
Economic expansion in Europe and Asia helped boost demand for U.S. goods, Bloomberg News said, though the shortfall with China again widened.
“There’s some pickup in demand for U.S. goods at the same time that the slowdown in the U.S. has slowed demand for imports,” Kevin Logan, senior U.S. economist at Dresdner Kleinwort in New York, told Bloomberg. “That’s likely to continue this year, as we expect slow growth to continue.”
Additional information can be found at www.bea.gov.
