The Goods and Services Deficit Increased to $56.6 Billion in January 2018

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $56.6 billion in January, up $2.7 billion from $53.9 billion in December, revised.

Exports, Imports, and Balance (Exhibit 1)

January exports were $200.9 billion, $2.7 billion less than December exports. January imports were $257.5 billion, down less than $0.1 billion from December imports.

The January increase in the goods and services deficit reflected an increase in the goods deficit of $2.8 billion to $76.5 billion and an increase in the services surplus of $0.1 billion to $19.9 billion.

Year-over-year, the goods and services deficit increased $7.9 billion, or 16.2 percent, from January 2017. Exports increased $9.7 billion or 5.1 percent. Imports increased $17.6 billion or 7.4 percent.

Exports (Exhibits 3, 6, and 7)

Exports of goods decreased $3.0 billion to $134.2 billion in January.

Exports of goods on a Census basis decreased $3.3 billion.

• Capital goods decreased $2.6 billion.
  • Civilian aircraft decreased $1.8 billion.
• Industrial supplies and materials decreased $1.3 billion.
  • Fuel oil decreased $0.5 billion.
  • Crude oil decreased $0.2 billion.
  • Other chemicals decreased $0.2 billion.
• Other goods decreased $1.0 billion.
• Consumer goods increased $1.2 billion.
  • Artwork, antiques, stamps, and other collectibles increased $0.5 billion.
  • Pharmaceutical preparations increased $0.4 billion.

Exports of services increased $0.3 billion to $66.7 billion in January.

• The largest increase was in charges for the use of intellectual property ($0.1 billion).
• The only decrease was in maintenance and repair services ($0.1 billion).

Imports (Exhibits 4, 6, and 8)

Imports of goods decreased $0.2 billion to $210.7 billion in January.

Imports of goods on a Census basis decreased $0.3 billion.

• Capital goods decreased $1.3 billion.
  • Civilian aircraft decreased $0.9 billion.
  • Semiconductors decreased $0.5 billion.
• Consumer goods decreased $0.9 billion.
  • Cell phones and other household goods decreased $1.2 billion.
• Industrial supplies and materials increased $2.0 billion.
  • Crude oil increased $2.2 billion.

Imports of services increased $0.2 billion to $46.8 billion in January.

• The largest increase was in other business services ($0.2 billion).
• The largest decrease was in travel (for all purposes including education) ($0.2 billion).

Goods by Selected Countries and Areas: Monthly – Census Basis (Exhibit 19)
The January figures show surpluses, in billions of dollars, with Hong Kong ($2.6), South and Central America ($2.4), Singapore ($0.9), Brazil ($0.5), and United Kingdom ($0.3). Deficits were recorded, in billions of dollars, with China ($35.5), European Union ($15.0), Germany ($6.3), Mexico ($5.6), Japan ($5.6), Italy ($2.8), OPEC ($2.5), India ($1.8), Taiwan ($1.5), Canada ($1.5), South Korea ($1.5), France ($1.4), and Saudi Arabia ($0.6).

• The deficit with members of OPEC increased $2.0 billion to $2.5 billion in January. Exports decreased $1.2 billion to $4.1 billion and imports increased $0.7 billion to $6.6 billion.
• The deficit with China increased $1.5 billion to $35.5 billion in January. Exports decreased $1.3 billion to $10.5 billion and imports increased $0.2 billion to $46.0 billion.
• The deficit with the European Union decreased $2.1 billion to $15.0 billion in January. Exports decreased $0.4 billion to $24.7 billion and imports decreased $2.5 billion to $39.7 billion.