The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $45.7 billion in January, up $1.0 billion from $44.7 billion in December, revised. January exports were $176.5 billion, $3.8 billion less than December exports. January imports were $222.1 billion, $2.8 billion less than December imports.
The January increase in the goods and services deficit reflected an increase in the goods deficit of $1.1 billion to $63.7 billion and an increase in the services surplus of $0.1 billion to $18.0 billion.
Year-over-year, the goods and services deficit increased $2.1 billion, or 4.8 percent, from January 2015. Exports decreased $12.5 billion or 6.6 percent. Imports decreased $10.5 billion or 4.5 percent.
Exports (Exhibits 3, 6, and 7)
Exports of goods decreased $4.0 billion to $116.9 billion in January.
Exports of goods on a Census basis decreased $3.9 billion.
- Capital goods decreased $1.2 billion.
- Industrial supplies and materials decreased $0.9 billion.
- Fuel oil decreased $0.7 billion.
- Consumer goods decreased $0.8 billion.
Net balance of payments adjustments decreased $0.1 billion.
Exports of services increased $0.2 billion to $59.6 billion in January.
- Travel (for all purposes including education) increased $0.2 billion.
- Transport, which includes freight and port services and passenger fares, increased $0.1 billion.
Imports (Exhibits 4, 6, and 8)
Imports of goods decreased $2.9 billion to $180.6 billion in January.
Imports of goods on a Census basis decreased $2.8 billion.
- Industrial supplies and materials decreased $2.1 billion.
- Crude oil decreased $1.8 billion.
- Capital goods decreased $1.2 billion.
- Civilian aircraft decreased $0.9 billion.
Net balance of payments adjustments decreased $0.1 billion.
Imports of services increased less than $0.1 billion to $41.5 billion in January.
- Other business services, which includes research and development services; professional and management services; and technical, trade-related, and other services, increased $0.1 billion.
- Travel (for all purposes including education) increased $0.1 billion.
Goods by Selected Countries and Areas: Census Basis (Exhibit 19)
The January figures show surpluses, in billions of dollars, with South and Central America ($3.1) and Brazil ($0.6). Deficits were recorded, in billions of dollars, with China ($31.1), European Union ($12.6), Germany ($5.8), Japan ($5.6), Mexico ($5.6), South Korea ($2.9), Italy ($2.4), India ($2.3), France ($1.5), Canada ($0.5), Saudi Arabia ($0.2), OPEC ($0.2), and United Kingdom ($0.1).
- The deficit with China increased $1.4 billion to $31.1 billion in January. Exports increased less than $0.1 billion to $8.6 billion and imports increased $1.5 billion to $39.8 billion.
- The deficit with Mexico increased $0.8 billion to $5.6 billion in January. Exports decreased less than $0.1 billion to $19.5 billion and imports increased $0.8 billion to $25.1 billion.
NOTE: All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified.