The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the Goods and Services Trade Deficit was $51.1 billion in January, down $8.8 billion from $59.9 billion in December, revised.

Exports, Imports, and Balance

• January exports were $207.3 billion, $1.9 billion more than December exports. January imports were $258.5 billion, $6.8 billion less than December imports.
• The January decrease in the goods and services deficit reflected a decrease in the goods deficit of $8.2 billion to $73.3 billion and an increase in the services surplus of $0.5 billion to $22.1 billion.
• Year-over-year, the goods and services deficit decreased $1.9 billion, or 3.7 percent, from January 2018. Exports increased $6.1 billion or 3.0 percent. Imports increased $4.1 billion or 1.6 percent.

Three-Month Moving Averages

• The average goods and services deficit decreased $1.8 billion to $53.9 billion for the three months ending in January.
• Average exports decreased $1.1 billion to $207.4 billion in January.
• Average imports decreased $2.9 billion to $261.2 billion in January.
• Year-over-year, the average goods and services deficit increased $2.5 billion from the three months ending in January 2018.

Exports

• Exports of goods increased $1.8 billion to $137.4 billion in January.
• Foods, feeds, and beverages increased $1.3 billion. Soybeans increased $0.9 billion.
• Automotive vehicles, parts, and engines increased $1.2 billion. Passenger cars increased $0.7 billion.
• Capital goods decreased $0.8 billion. Civilian aircraft decreased $1.3 billion.
• Exports of services increased $0.2 billion to $70.0 billion.

Imports

• Imports of goods decreased $6.5 billion to $210.7 billion in January.
• Capital goods decreased $3.0 billion. Computer accessories decreased $0.9 billion. Semiconductors decreased $0.7 billion. Civilian aircraft decreased $0.7 billion.
• Industrial supplies and materials decreased $2.3 billion. Crude oil decreased $1.4 billion.
• Imports of services decreased $0.3 billion to $47.8 billion in January.

By Country Deficits

Deficits were recorded, in billions of dollars, with China ($33.2), European Union ($13.1), Mexico ($7.2), Germany ($6.0), Japan ($5.3), Italy ($2.9), South Korea ($2.4), Taiwan ($2.2), India ($1.9), France ($1.2), OPEC ($0.2), Saudi Arabia ($0.1), and Singapore (less than $0.1).

Short Synopsis

• Exports rose $1.8 billion led by soybeans, up $0.9 billion.
• Imports fell by $6.5 billion. Capital goods accounted for $3.0 billion and crude another $1.4 billion.

Agricultural exports rose, buying of capital goods, crude, and imports of junk fell.

Mike “Mish” Shedlock