Goods Deficit Blows Out in January

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced Thursday that the goods and services deficit was $131.4 billion in January, up $33.3 billion from $98.1 billion in December, revised, or 34%

While exports grew 1.2%, imports surged 10%, as importers stocked up ahead of the Trump tariff increases.  

January exports were $269.8 billion, $3.3 billion more than December exports. January imports were $401.2 billion, $36.6 billion more than December imports.

The January increase in the goods and services deficit reflected an increase in the goods deficit of $33.5 billion to $156.8 billion and an increase in the services surplus of $0.2 billion to $25.4 billion.

Year-over-year, the goods and services deficit increased $64.5 billion, or 96.5 percent, from January 2024. Exports increased $10.6 billion or 4.1 percent. Imports increased $75.2 billion or 23.1 percent.

Imports of goods increased $36.2 billion to $329.5 billion in January

• Industrial supplies and materials increased $23.1 billion.
  • Finished metal shapes increased $20.5 billion.
• Consumer goods increased $6.0 billion.
  • Pharmaceutical preparations increased $5.2 billion.

• • Cell phones and other household goods increased $1.2 billion.
• Capital goods increased $4.6 billion.
  • Computers increased $3.0 billion.
  • Computer accessories increased $1.2 billion.
  • Telecommunications equipment increased $1.1 billion.

The January Goods figures show surpluses, in billions of dollars, with Netherlands ($4.3), South and Central America ($4.3), Belgium ($0.6), and Brazil ($0.6).

Goods Deficits were recorded, in billions of dollars, with China ($29.7), European Union ($25.5), Switzerland ($22.8), Mexico ($15.5), Ireland ($12.4), Vietnam ($11.9), Canada ($11.3), Germany ($7.6), Taiwan ($7.5), Japan ($7.4), South Korea ($5.4), India ($4.2),

• The deficit with Switzerland increased $9.8 billion to $22.8 billion in January. Exports increased $0.6 billion to $1.8 billion and imports increased $10.3 billion to $24.6 billion.
• The deficit with Ireland increased $6.2 billion to $12.4 billion in January. Exports increased less than $0.1 billion to $1.2 billion and imports increased $6.2 billion to $13.6 billion.
• The surplus with South and Central America increased $0.7 billion to $4.3 billion in January. Exports increased $0.3 billion to $18.0 billion and imports decreased $0.5 billion to $13.7 billion.