Friday, March 06, 2020

Trade Deficit decreased to $45.3 Billion in January

by Calculated Risk on 3/06/2020 09:07:00 AM

Note: This data was for January and the outbreak of COVID-19 probably had little or no on impact at that time.

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 $45.3 billion in January, down $3.3 billion from $48.6 billion in December, revised.

January exports were $208.6 billion, $0.9 billion less than December exports. January imports were $253.9 billion, $4.2 billion less than December imports.
emphasis added
U.S. Trade Exports Imports Click on graph for larger image.

Both exports and imports decreased in January.

Exports are 26% above the pre-recession peak and up 1% compared to January 2019; imports are 9% above the pre-recession peak, and down 2% compared to January 2019.

In general, trade both imports and exports have moved more sideways or down recently.

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

U.S. Trade Deficit 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 the U.S. exported a slight net positive petroleum products in recent months.

Oil imports averaged $61.93 per barrel in January, up from $61.34 in December, and up from $54.35 in January 2019.

The trade deficit with China decreased to $26.1 billion in January, from $34.5 billion in January 2019.