by Calculated Risk on 3/08/2023 10:38:00 AM

From the Department of Commerce reported:

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $68.3 billion in January, up $1.1 billion from $67.2 billion in December, revised.

January exports were $257.5 billion, $8.5 billion more than December exports. January imports were $325.8 billion, $9.6 billion more than December imports.
emphasis added

Click on graph for larger image.

Both exports and imports increased in January.

Exports are up 13% year-over-year; imports are up 3% year-over-year.

Both imports and exports decreased sharply due to COVID-19 and then bounced back. 

The second graph shows the U.S. trade deficit, with and without petroleum.

The blue line is the total deficit, and the black line is the petroleum deficit, and the red line is the trade deficit ex-petroleum products.

Note that net, exports of petroleum products are positive.

The trade deficit with China decreased to $25.2 billion in January, from $36.4 billion a year ago.

The trade deficit was close to the consensus forecast.