by Calculated Risk on 3/06/2025 08:52:00 AM
Thursday, March 06, 2025
Trade Deficit increased to $131.4 Billion in January
The Census Bureau and the Bureau of Economic Analysis reported:
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $131.4 billion in January, up $33.3 billion from $98.1 billion in December, revised.
January exports were $269.8 billion, $3.3 billion more than December exports. January imports were $401.2 billion, $36.6 billion more than December imports.
emphasis added
Both exports and imports increased in January.
Exports were up 4.1% year-over-year; imports were up 23.1% year-over-year.
Both imports and exports have generally increased recently.
The second graph shows the U.S. trade deficit, with and without petroleum.
Note that net, exports of petroleum products are positive and have been increasing.
The trade deficit with China increased to $31.7 billion from $23.7 billion a year ago.
The surge in imports in January happened as some importers were avoiding the coming tariffs.