Trade Figures Improve

The US trade deficit rose to $68.3 billion in January, a $1.1 billion increase over the $67.2 billion recorded in December.  Vietnam clocked in with the third largest single-country trade deficit at $8 billion, edging out Germany, Japan and Canada.

January exports were $257.5 billion, $8.5 billion more than December exports, while imports were $325.8 billion, $9.6 billion over December imports.

The January increase in the goods and services deficit reflected a decrease in the goods deficit of $600 million to $90.1 billion and a decrease in the services surplus of $1.7 billion to $21.8 billion.  Year-over-year, the goods and services deficit decreased $19.2 billion, or 21.9 percent, from January 2022. Exports increased $30.2 billion or 13.3 percent and imports increased $11 billion or 3.5 percent.

Exports of goods increased $10.1 billion to $177.8 billion in January, while exports of services decreased $1.6 billion to $79.7 billion. Imports of goods increased $9.5 billion to $267.9 billion in January. At the same time, imports of services rose by $100 million to $57.9 billion in January.

In January, the United States recorded deficits with China at $21.9 billion; the European Union $18.5 billion; Mexico $12.2 billion; Vietnam $8 billion; Germany $7.2 billion; Japan $5.6 billion; Canada $5.4 billion; Ireland $4.6 billion; India $4.5 billion; South Korea $3.7 billion; Italy $3.6 billion; Taiwan $3.5 billion; Malaysia $2.8 billion; Switzerland $1.4 billion; France $1.1 billion; Israel $600 million and Saudi Arabia $200 million.

The January figures show surpluses with South and Central America at $4.8 billion; Netherlands $3.2 billion; United Kingdom $2.7 billion; Belgium $1.8 billion; Australia $1.5 billion; Hong Kong $1.5 billion; Brazil $600 million and Singapore $400 million.