The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $48.5 billion in January, up $4.2 billion from $44.3 billion in December, revised. January exports were $192.1 billion, $1.1 billion more than December exports. January imports were $240.6 billion, $5.3 billion more than December imports.

The January increase in the goods and services deficit reflected an increase in the goods deficit of $4.0 billion to $69.7 billion and a decrease in the services surplus of $0.3 billion to $21.2 billion.

Exports (Exhibits 3, 6, and 7 in the FT-900)

Exports of goods increased $1.1 billion to $128.0 billion in January.

Exports of goods on a Census basis increased $0.4 billion.

• Industrial supplies and materials increased $2.1 billion.
  • Other petroleum products increased $0.7 billion.
  • Crude oil increased $0.5 billion.
• Automotive vehicles, parts, and engines increased $1.3 billion.
  • Passenger cars increased $0.9 billion.
• Capital goods decreased $1.9 billion.
  • Civilian aircraft decreased $0.6 billion.

Exports of services decreased less than $0.1 billion to $64.1 billion in January.

• Changes in all categories were $0.1 billion or less and were nearly offsetting.

Imports (Exhibits 4, 6, and 8 in the FT-900)

Imports of goods increased $5.1 billion to $197.6 billion in January.

Imports of goods on a Census basis increased $4.8 billion.

• Consumer goods increased $2.4 billion.
  • Cell phones and other household goods increased $1.0 billion.
• Industrial supplies and materials increased $1.0 billion.
  • Crude oil increased $1.7 billion.
• Automotive vehicles, parts, and engines increased $0.9 billion.
•     Passenger cars increased $0.7 billion.

Imports of services increased $0.2 billion to $42.9 billion in January.

• Transport increased $0.2 billion.

Goods by Selected Countries and Areas: Census Basis (Exhibit 19)

The January figures show surpluses, in billions of dollars, with Hong Kong ($3.5), South and Central America ($3.1), Singapore ($1.2), and Brazil ($0.7). Deficits were recorded, in billions of dollars, with China ($30.2), European Union ($13.4), Germany ($5.7), Mexico ($5.5), Japan ($5.5), Italy ($2.4), OPEC ($2.4), South Korea ($2.3), Canada ($2.0), India ($1.9), France ($1.6), United Kingdom ($0.9), Taiwan ($0.9), and Saudi Arabia ($0.9).

• The balance with Saudi Arabia shifted from surplus of $0.4 billion to a deficit of $0.9 billion in January. Exports decreased $0.6 billion to $1.2 billion and imports increased $0.6 billion to $2.0 billion.
• The deficit with Mexico increased $1.0 billion to $5.5 billion in January. Exports decreased $0.2 billion to $20.5 billion and imports increased $0.8 billion to $26.0 billion.

NOTE: All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified.