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January 2023 Trade Gap is $68.3 Billion

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The U.S. international trade deficit increased from $67.2 billion in December (revised) to $68.3 billion in January, as imports increased more than exports. The goods deficit decreased $0.6 billion to $90.1 billion, and the services surplus decreased $1.7 billion to $21.8 billion. 

Exports of goods and services increased $8.5 billion, or 3.4 percent, in January to $257.5 billion. Exports of goods increased $10.1 billion, and exports of services decreased $1.6 billion.

  • The increase in exports of goods reflected increases in consumer goods ($4.1 billion), in capital goods ($1.9 billion), and in automotive vehicles, parts, and engines ($1.2 billion).
  • The decrease in exports of services reflected decreases in travel ($1.2 billion) and in transport ($0.7 billion). An increase in other business services ($0.3 billion) partly offset the decreases.
Imports of goods and services increased $9.6 billion, or 3.0 percent, in January to $325.8 billion. Imports of goods increased $9.5 billion, and imports of services increased $0.1 billion.

  • The increase in imports of goods reflected increases in consumer goods ($4.1 billion), in automotive vehicles, parts, and engines ($3.1 billion), and in capital goods ($1.4 billion).
  • The increase in imports of services reflected an increase in travel ($1.1 billion). A decrease in transport ($1.0 billion) partly offset the increase.
Real, or inflation-adjusted, statistics are also available for trade in goods. The real goods deficit increased 3.6 percent in January, compared to a 1.4 percent nominal decrease. Real exports of goods increased 3.8 percent, compared to a 5.0 percent nominal increase. Real imports of goods increased 3.7 percent, which is the same as the nominal increase.

For more information, read the full release.

Original source can be found here.

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