The trade deficit narrowed 3.8% in January to $59.1 billion thanks to record-breaking export growth, the Commerce Department said March 9. It was a bigger drop than expected on Wall Street, where analysts saw a deficit of $60 billion, and marked the steepest change in the trade figure since October.
Total imports fell 0.5% to $185.8 billion last month while exports jumped 1.1% to a new record of $126.7 billion.
Exports of capital goods grew by $1 billion from December to January, consumer goods increased $500 million and foods, feeds and beverages went up $300 million.
Overall, the U.S imported fewer vehicles, parts and engines (down $1.5 billion) and consumer goods (down by $1.4 billion) in January from December. Exports of vehicles and parts also fell, by $700 million reflecting a deep restructuring underway at General Motors and Ford.
The trade deficit with China surged 12% to $21.3 billion.
The deficit with the EU slumped 28% to $6.5 billion, while the shortfall with Canada grew 23% to $6.9 billion.
Copyright Agence France-Presse, 2007
About the Author
Agence France-Presse
Copyright Agence France-Presse, 2002-2025. AFP text, photos, graphics and logos shall not be reproduced, published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. AFP shall not be held liable for any delays, inaccuracies, errors or omissions in any AFP content, or for any actions taken in consequence.