by Calculated Risk on 3/05/2021 10:38:00 AM
Friday, March 05, 2021
Trade Deficit Increased to $68.2 Billion in January
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 $68.2 billion in January, up $1.2 billion from $67.0 billion in December, revised.
January exports were $191.9 billion, $1.8 billion more than December exports. January imports were $260.2 billion, $3.1 billion more than December imports.
emphasis added
Both exports and imports increased in January.
Exports are down 7.6% compared to January 2020; imports are up 3.2% compared to January 2020.
Both imports and exports decreased sharply due to COVID-19, and have now bounced back (imports much more than exports),
The second graph shows the U.S. trade deficit, with and without petroleum.
Note that the U.S. exported a slight net positive petroleum products in recent months.
Oil imports averaged $42.50 per barrel in January, up from $38.30 per barrel in December, and down from $52.24 in January 2020.
The trade deficit with China increased to $26.3 billion in January, from $26.1 billion in January 2020.